Getting a home improvement project to pay off is notoriously tricky. There's no guarantee you'll recoup the money you pour into a bathroom remodel or an outdoor kitchen. Plus, the COVID-19 pandemic
Andy Wiederhorns West Hills Mansion To Be Auctioned Off
Dated: September 9 2015
The sprawling Portland mansion that once belonged to Andy Wiederhorn, the homegrown business executive who in 2000 was implicated in a financial scandal, will be auctioned off later this month.
Nicknamed "the Ivy," the 19,600-square-foot West Hills home at 4311 S.W. Greenleaf Drive includes 10 bedrooms, nine full bathrooms, nine fireplaces and an indoor basketball court that doubles as a ballroom, according to a listing on the real estate website Redfin. There is also a separate 2,000-square-foot pool house.
Wiederhorn unsuccessfully attempted to sell the Ivy in 2011 for $5.7 million, saying at the time that the price was only half of what he invested in the property and that it was the largest single-family home in Portland. He had stopped making payments on the house the year before.
The Ivy eventually became available at a foreclosure auction, but nobody offered the minimum bid of $3.36 million, and lender CitiMortgage seized the home. It went back on the market earlier this year for $3.5 million.
Now, the Ivy is listed at $2.75 million.
Wiederhorn, a financier, accumulated $100 million in wealth by the time he turned 31. But he spent 15 months in federal prison in the early 2000s after he pleaded guilty to charges of paying an illegal gratuity and filing a false tax return.
Wiederhorn now lives in Los Angeles and is the chief executive at the burger chain Fatburger.
The auction of the Ivy will be on-site and open to the public, on Sept. 23 at 5:45 p.m. Opening bids will begin at $250,000.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
Latest Blog Posts
Fannie Mae‘s latest forecast projects economic growth to hit 5.3% in 2021, an increase of 0.8 percentage points from what the government-sponsored enterprise projected last month.The forecasted