Former Citi CEO Can’t Sell House
Former Citigroup CEO Charles Prince, whose unemployment status is at least partially the result of the real estate crisis, is having trouble unloading a modest little home. Prince has a five bedroom Tudor style home in Greenwich, Connecticut that has been on the market for six months. Unfortunately for Chuck, the mortgage crisis has put a bit of a chill on the housing market, even in the wealthy areas of the New York City metro area.
According to an article by Sharon Lynch in Bloomberg, Prince paid $4.48 million for the home in 2003 and currently has the property listed for $5.85 million (after a $300,000 price reduction). Of course something tells me that the paltry reduction will not be the last. According to the article, a Bloomberg survey indicates that home prices in Greenwich fell over 8% since the first quarter of last year and declines of as much as 25% are noted in the majority of upscale New York suburbs.
Welcome to our world Mr. Prince.
