It’s not just first-time home buyers being swept up in a nationwide wave of foreclosures.
One of Hilton Head Island’s most expensive homes, once appraised at $17 million, was bought at a Beaufort County foreclosure auction by a bank Monday for a fraction of that amount.
After four years of trying to sell his mansion on Brams Point Road, Nickey Maxey couldn't afford to hold onto the home any longer.
"I basically lost $6 million by giving it back to the banks," he said.
The home was bought at foreclosure auction by Liberty Savings Bank for about $4.2 million. Another $2 million was owed on a second mortgage that the bank will assume, bringing the total cost to about $6.2 million, according to James Wedgeworth, an island Realtor who served as the agent for the property.