Bank makes $1 Million on Foreclosure [CalculatedRisk]

It looks like Capital One Bank made $1 million on this foreclosure.

From the O.C. Register: $8.1M oceanfront home sells as foreclosure

Located at 989 Cliff Drive on the oceanfront above Laguna Beach’s Shaw’s Cove, the Mission style villa sold for $8.1 million in an all cash deal … The Cliff Drive property sold to the bank for $7,006,347 December 28, 2011.

Actress Diane Keaton bought the house in 2004 for “around $7.5 million” and sold it in 2005 for $14.5 million (nice flip!).

Capital One Bank foreclosed on the home in December 2011. There were no bidders and the house went back to the bank for just over $7 million.



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