Market Watch: Imprisoned real estate lawyer loses $310K on Oak Brook Home
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a Dupage Policy Journal series on recent home sales that demonstrate the consequences.
The home: 78 Baybrook Lane in Oak Brook
It has seven bedrooms, 10 baths over more than 11,000 square feet of living space with 10- and 11-foot ceilings throughout the home. An electronic home system controls the heat and AC units, lighting, sound system, alarm, sprinklers and shades.
The seller: Robert and Angelica Lattas.
Robert Lattas is a real estate lawyer who was convicted of bank fraud in 2015 for his part in a $22.9 million mortgage fraud scheme. Last October, he was sentenced to 63 months in federal prison.
The purchase: In June 2012, the Lattas' paid $2.3 million for Oak Brook home, or $2.55 million in today's dollars.
The sale: According to Zillow, the Lattas' sold the home for $2.24 million on Oct. 30, or $310,000 less than the original purchase price, in today's dollars.
The couple originally listed the home for $3.3 million in July 2016. It went off and on the market several times, with the price being lowered each time until it reached a low of $2 million in May 2017. The home was taken off the market in March 2018 and then relisted for $2.3 million in September of last year.
The property taxes: The Lattas' paid $223,661 in property taxes while owning the home, or 10 percent of the sale price.