For almost 2 years Potomac Residents have watched 2 new homes fall into disrepair at the intersection of River Road and Congressional Parkway and Bronson Drive. At the beginning of August contractors started showing up at this property cleaning it up and making it look presentable. FINALLY, someone trying to market the property!The auction sign went up announcing the property would be auctioned on Thursday, 9/17. Yesterday, with competitive bidding the property sold at auction for $4.79 Million.
This was one of 3 homes that went into foreclosure formally owned by Bollywood entrepreneur Vijay Taneja. Mr. Taneja was convicted of mortgage fraud and all of his assets ordered liquidated. An identical home was auctioned off in Fairfax last year.
There is still lots of work to be completed in this home. I was shocked that it sold for as much as it did. Although large, the lot is a challenge, it is close to a main road, and it still needs over $1mm of work to finish properly.
The city paper blog did a fabulous post regarding the auction and home. You can link to it here.
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