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Even the Ex-Washington Governor’s Mansion is on Foreclosure

So long to this historic site

If you once headed one of the world’s largest fast food chains, once became a state governor, and has tons of assets to boast of, chances are, you’d be less concerned about disposing a house with a sentimental value for the state. The Lexington Herald reports that Cave Hill, the city’s 17-acre estate that once served as a temporary mansion of Gov. John Y. Brown Jr. is going to foreclosure and is slated to be in the market on July 27. The mansion was the governor’s present to his wife, Phyllis, until it was bought by Bruce Fein, a Washington D.C. constitutional lawyer. The report states, “The house is listed on the National Register of Historic Places. In the past three years, the fortunes of the stately house and once immaculately groomed grounds have fallen on hard times. It is abandoned, neglected and a judge has ordered it be sold to pay the mortgage that the owners have defaulted on. The historic mansion has been empty since it was purchased by the Feins, according to Mattie Fein. The couple put it back on the market in December 2006 for $2.45 million.

“According to court records, Cave Hill went into foreclosure after the Feins defaulted on a $1.3 million mortgage from Logan Asset Back Fund, a private lender in Boca Raton, Fla. The mortgage was held by Cave Hill LLC in the spring of 2007, but personally guaranteed by the Feins.

“Six months later, the Feins and Cave Hill LLC stopped making the $16,800 monthly payment on an interest-only loan, states a lawsuit brought by Logan Asset Back Fund. Last month, Fayette Circuit Judge Ernesto Scorsone ordered Cave Hill be sold by the master commissioner to raise $1.3 million, plus additional costs including interest and taxes. If the sale does not raise the needed amount, he ruled the Feins would be held individually liable.”

So here’s what’s funny about this story. Divorce issues and perhaps their personal finances prevented the Feins from maintaining the property. In the end, it cost the entire city a site that would have stood for ages. The problem however lies in the fact that the state is regretting about the loss without putting its finger in the pie. Sure, the property market is in shambles but it must realize that only a private buyer will be willing to put up with the headaches of restoration and property taxes. So if nothing significant occurs on the 27th, they could just transform the place into shelter for the homeless instead.

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