Quantcast

Dupage Policy Journal

Friday, November 22, 2024

Market Watch: Imprisoned real estate lawyer loses $310K on Oak Brook Home

Babrook

78 Baybrook Lane in Oak Brook

78 Baybrook Lane in Oak Brook

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.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS