Is it really a new record if it isn’t paid for? Actually it would be 2 new records. A 22-year old bought 2 mansions in Hamburg for 6.3 million combined. Michael Wilson, a hotshot hedge fund manager from Cleveland rolled into town looking for some hot real estate, and dropped his loot on two new homes on Boston State Road (and set a new record for WNY real estate: 3.3 million for one and 3 million for the other home). Yup, Mr. Money Bags had huge plans for his new homes; a gym and racquetball court for one, and a theater, wet bar and even a waterslide to go along with his massive indoor pool for the other. Too bad he didn’t have money to pay for any of it.
When someone throws top dollar at you (literally), usually you don’t ask questions…just take the cash. But the banks should have! Wilson did pay a small chunk when closing on the house, but Business First says they found court documents saying he signed the loan but hasn’t made payments since. On top of that, he didn’t pay for all of his big renovations either…figures. He owes over $94,000 still, 4 months after they were completed. Of course, the two houses are in foreclosure, and will be auctioned off on September 1…to only a serious buyer this time.
While there are no real estate agents passing through the properties, some FBI agents have. They raided the homes looking for…well…that is still a mystery right now. Moral of the story, if it’s too good to be true, it probably isn’t true.
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