Tony Rezko's Mansion Auction Delayed
Tony Rezko's foreclosed mansion at 1250 Chestnut Avenue in Wilmette, pictured on Monday, August 10, 2009. The 8,400-square-foot home was to be auctioned Monday. (Brian Cassella/Chicago Tribune)
The two-story, 8,400-square-foot mansion at 1250 Chestnut Ave. in the North Shore community had been scheduled to go on the auction block the morning of August 10, 2009.
Mortgage holder Bank of America won a foreclosure judgment on Rezko's defaulted $5.9 million note in May. Rezko owed $5.08 million on that mortgage.
Intercounty Judicial Sales, 120 W. Madison St., is handling the sale. Because of the depressed nature of the real estate market, the home isn't expected to sell for enough to cover the outstanding mortgage balance.
Rezko was convicted in June 2008 on wide-ranging charges of public corruption involving state deals. He is awaiting sentencing.
Legal expenses and other costs reportedly have exhausted the money he made in real estate and investments, including Papa John's and Panda Express restaurant franchises.
(The Chicago Tribune contributed to this story)
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