It isn't every day that a home that's valued at about $10 million is hit with a foreclosure suit. But Garrett Kelleher, developer of the failed Chicago Spire, is known for biting off a little bit more than he can chew. According to Crain's, a corporate entity controlled by Kelleher paid $8.5 million for a 9,000-square-foot home at 1416 N. Astor in 2007, and he reportedly spent millions rehabbing it. The following year, the company took out a $10.8-million loan on the house, and now Bank of American has filed a foreclosure suit. Back in January, it was reported that Kelleher was trying to sell the home in question for $16 million, although he never listed it on the MLS.
· Spire developer faces home foreclosure [Crain's]
· Chicago Spire Developer Puts Gold Coast Mansion on the Market [Curbed]
· News About the Spire Developer [Chicago magazine]