Lee Iacocca's new home has personal as well as historical significance to the Chrysler chairman. The seven-bedroom Georgian-style home in Grosse Pointe Farms, Mich., once belonged to Henry Ford II, who fired Iacocca in 1978, reportedly saying, 'I just don't like you.'
Ford and his wife still have a home in the area but spend most of their time in England. Ford's father, Edsel Ford, bought the house for him in 1940 and he and his wife lived there for seven years. The price of the house was not revealed but it is estimated at between $800,000 and $1.5 million. The front of the house faces the golf course of the Country Club of Detroit and to the back is the Grosse Pointe Hunt Club. The Detroit Free Press said the sale was closed Tuesday after six months of off-and-on negotiations.