Woman Loses Millions of Dollars in Down Payment - as part of the news series by GeoBeats.
How upset would you be if you lost your down payment on a home? And what if that payment happened to be in the millions?
Well, it did happen to one woman who lost more than $4.5 million on a luxury apartment's down payment.
Roberta Campbell, the wealthy ex-wife of a software CEO found herself in a lengthy legal battle against the Mark Hotel. In 2009, she was set to close on a New York City's East Side apartment, worth $18.75 million, when an inspection revealed some debatingly deal-breaking problems.
Campbell was confronted with unfinished floors, missing closet rods, and no heat or gas at the time of the closing, so she pulled out of the deal, deeming the property uninhabitable.
After a four day trial, a Manhattan judge declared that Campbell did owe the almost $4.7 million down payment as per the signed contract.
Despite the financial blow, Campbell seems to be doing well as she bought a $17.5 million apartment at a location that the judge called “one of the most desirable addresses in Manhattan”.