Bank Slips In A Veiled Threat: Exchanging a Big House for The Big House?

Published by peter | Filed under Real Estate

A great read from Tampa Bay’s premiere real-estate joournalist, James Thorner: Wealthy coin dealer Mark Yaffe owns the Tampa Bay area’s second biggest mansion, a 29,000-square-foot spread in the North Tampa’s Avila community.His banker accuses him of building the grand marble-clad estate with gold coins he was supposed to have stuck aside as collateral for a $35-million business loan. He built the house to display a museum quality collection of mechanical music machines.Sovereign Bank forced Yaffe into bankruptcy in July by calling the loan. Yaffe proposes a reorganization plan that would repay Sovereign over 7 years. National Gold is one of the world’s largest rare coin wholesalers.  Read the rest of Thorner’s column here.