A $45 million Atlanta mansion – Forsyth County estate Le Rêve – was foreclosed and then sold at a massive 75% drop at only $11.5 million.
Forsyth County estate Le Rêve (“The Dream” in French) was foreclosed at the end of 2010 after taking three years to build with no expense spared by Hubert and Norma Humphrey.
The impressive mansion, which has its own private 18-hole golf course, now has a new owner, who bought it for almost $34million less than the asking price.
WSBTV reported Le Rêve (The Dream) estate features seven bedrooms, nine full baths, 11 half baths, ten fireplaces and two elevators.
Besides the private 18-hole golf course, the expensive mansion features other sports courts, stables, a camping area, bowling alley, home theatre, fifties diner, an exercise facility, a massage room and a pool. Le Rêve property is gated and entirely monitored by security cameras.
Troy Stowe, a real estate agent described the property:
“One of the largest challenges of selling Le Rêve was it sat on 72 acres, it was 47,000 square feet and just trying to find someone (who) wants to take on (what) I kind of call the big dragon.
“If you’re not used to maintaining and caring for a property like that, it is a challenge.
“I was told that in that one room, there are 27 seats and there was over $1 million spent in the home theatre.”
Immediately after foreclosure, the mansion was originally listed for $45 million. Then the bank took possession of the property and its price was dropped to $28 million. The Forsyth County estate Le Rêve price was dropped down to $16 million before the $11.5 million offer was accepted.
Troy Stowe said: “Ultimately, if you get a $50 million house for $11.5 (million), at some point, when the money lined properly with what the property offers, (a buyer) just came onboard.”
According to Zillow, the online real estate database, Hubert Humphrey started life as a railroad brakeman and conductor who later enjoyed entrepreneurial success.
Hubert Humphrey sold insurance for A.L. Williams, where he earned record sales, then launched his own company, Humphrey Worldwide Network, before selling it to Primerica, which is now part of CitiGroup.
The entrepreneur then formed World Marketing Alliance, followed by the World Leadership Group, a marketing, financial services and mortgage company based in Atlanta.
Hubert Humphrey started building Le Rêve mansion in 2005 on the 72-acre property.
Asked about the identity of the new Le Rêve owner, Troy Stowe said he cannot give anything away:
“Everybody wants to know who bought it. And I did sign a confidentiality agreement, but I just tell them it’s normal folks, husband and wife living at the property.”