Thirteen months ago we wrote about the new house that went up on E. Columbia and hit the market for $1,000,000. That seemed like a pretty steep sum to us even for the bubble economy. The house sat on the market for eighteen months until the sign came down sometime last week.
And according to a small piece of paper attached to the house’s massive garage door, the loan on the house (held by WAMU) has gone into default and the property will be sold at auction on January 2nd.
But I suppose the developer’s and the bank’s loss could be your gain if you’ve got a growing family and need 5,000 square feet of space to spread out in. The auction will be held at 10:00am on 1/2/09, at the south entrance to Factoria Mall.
The outstanding loan balance is $663,668.93 according to King County Records. We’ll report back after the auction and let you know what it went for.