Nestled in the elite community that is Sherwood Country Club, rests this Banking Titan’s $3.4 Million Dollar Mansion!
Where to begin? Well I think to set the tone we should start back in 1969 when Angelo Mozilo, was a younger (and perhaps less hated) man. It was in this year that he co-founded what was to become the one of the biggest culprits of the 2007-2008 housing market crash: Countrywide Financial!
Leading up to the market crash Countrywide was one of the biggest lenders pushing Negative Amortizing loans onto individuals. They praised them as a great mortgage that allowed flexibility to the homeowner when making their payment: They could make the full PITI payment, the Interest only payment, or if times were a bit tight they could make a payment even less than interest only. While this sounded great to consumers, the bankers knew full well that if (or I should really say when) these homeowners hit a tough patch and began having to make the lowest payment option, their mortgages would actually be growing. This is because the difference between the interest only payment and the minimum payment was taken and thrown onto the back of the loan as principle. Since the principle was larger that next month than it was the previous month the payments were then gradually increased. Ultimately, millions of homeowners were left with mortgages that were 125% of what it was when they signed the note, and their payments were now un-affordable.
From a banking stand point this mortgage type, plus the use of CDO (collateralized debt obligation) to displace the risk of the homeowner defaulting onto investors, was ingenious; however it is hard to believe that Mr. Mozilo and his cohorts did not know that they were essentially setting up millions of homeowners to fail. For this reason, Angelo Mozilo, has found himself one of the most hated men in America. While he may have been able to escape relatively unscathed (having only to pay a $67 Million dollar fine, and not even having to admit any wrong doing) he will go down in history as one of the “Bad Guys”.
But I digress, that is a moral matter, and this is a real estate forum! So let’s turn our attention back to the property. Built in 1999, the 5 bedroom x 4 bathroom 6,238 square foot house, sits on a half acre lot right off the 2nd fairway of the golf course. Manicured to perfection and maintained professionally, this mansion is subtle and clean. Originally listed for a little over $3.6 million dollars, the property is now going to $3.4 million which includes having Britney Spears as your neighbor (just purchased a mansion around the corner). If that doesn’t do it for you, consider this you will be able to enjoy your pool while watching other celebs play the Jack Nicklaus designed par-72 course!
Enjoy the photos below, as this is a spectacular property, and take a look at Mr. Mozilo’s photo as well: because something tells me he will be out and about quite a bit since he is legally disallowed from ever accepting an officer or director level position with any publicly traded company again! Sounds innocent to me!! 😉
Pics courtesy of VCRDS Multiple Listings Services.
Address of Property: 2816 Ladbrook Way, Thousand Oaks, CA 91361
John is the Vice President here at JohnHart, and as such is responsible for managing and directing the firm towards obtaining its ultimate goals.
He is also one of our main contributors on the Blog. (please see his profile page on the main site for more information.)
Poor,Poor John. Well he’s lucky not to do Time so I guess he can’t fuss.I could probably retire if I had 3.4 million in equity right now,