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Iran shipping line masks 'arms vessels'
DETROIT, July 29 (UPI) -- One of Detroit's grand symbols of wealth, a 13,777-square-foot home with opulent landscaping, is facing a foreclosure auction, legal filings show.
The home in Novi, Mich., was bought for $9.75 million by entrepreneur Rich Morgan in 2007, but its real value lies closer to $25 million, real estate experts said, The Detroit News reported Thursday.
It was built in 1998 at a cost of $18 million. An auction for the home is scheduled for Tuesday.
The house has five master bedrooms. It also includes a bowling alley, a wine vault and a "media room with a herringbone leather floor," the News said.
Real estate agent Chris Knight compared the 19-acre property to Disney World. "Waterfalls, ponds all over the place, streams. Lots of Venetian plaster walls. Imported this, imported that," he said.
Foreclosure is not new to the wealthy subdivision called Turnberry Estates, which has had a third of its homes involved in foreclosure since 2008.
In Metro Detroit, 719 homes valued at more than $1 million have been involved in foreclosure proceedings since January 2009, online foreclosure marketplace RealtyTrac Inc. reported.
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Beijing announced a series of measures aimed at reducing air pollution in the city, specifically targeting a reduction in readings of PM2.5, or fine particulate matter, in the air.
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