An opportunity to bail out a failed builder awaits in Conyers Farm

2 Cowdrey Park Dive, an unfinished renovation project purchased out of foreclosure of $3.8 million, is offered today for $6.750, estimated cost to finish, $2.5 million.

(You can find original interior pics of the property during foreclosure here.)

Listing remarks:

 ''QUIMBY LANE FARM'' RARE OPPORTUNITY. FOR THE BUYER WITH VISION, CLASS AND WANTS ONLY THE VERY BEST. IMPRESSIVE PALATIAL ESTATE THAT COULD BE PURE PARADISE WITH INTERIOR BEING COMPLETED BY THE BUYER, OR IN JUNCTION WITH THE SELLER. ESTIMATED ADDITIONAL COST OF $2 MILLION TO $2,500,000. OWNER HAS OVER $8M INVESTED IN PROP.PERMITS APPROVED. MAGNIFICENT STONE EXTERIOR WITH NEW WOOD SHINGLE ROOF, NEW COPPER GUTTERS AND NEW LEADERS WITH AZEK TRIM. SIGNIFICANT INVESTMENT WAS MADE IN NEW FOUNDATIONS AND EXTERIOR WALLS IN ORDER TO DRAMATICALLY EXPAND THE INTERIOR LAYOUT. GRAND PUBLIC SIZE ROOMS, HIGH CEILINGS, NEW WINDOWS, NEW FRENCH DOORS AND MORE! ARCHITECT HAS ENHANCED THIS TRADITIONAL GEORGIAN WITH DETAILS. YOU CAN PUT YOUR SIGNATURE/TASTE/DECOR WHEN YOU CUSTOMIZE THIS SHOWCASE.

I can't remember the name of the high flyer who paid $8.999 for this place back in 1999 (damn the loss of my archives: we certainly covered his financial woes while the process took its course) but he eventually lost it to People's United Bank, which returned the then-tired, neglected property to the market in 2013 for $7.2 million; the land-holding divisions of banks are notorious for doing that sort of thing. In the event, this owner bought it in 2015 for $3.8, and if you believe the listing agent, put an additional $4.2 into it before throwing in the towel this week.

Abandoned projects never command anything close to what's been sunk into them, and why anyone would pay $7 million for this one, with millions more required to finish it, in a declining neighborhood, sure beats me.

Pass.