Updated: 10:25 p.m. Monday, March 21, 2011 | Posted: 11:46 a.m. Friday, Feb. 25, 2011

$50 Million Home Foreclosed On, Now For Sale For $16.75 Million

CUMMING, Ga. —

"I'm having to resell someone else's dream."

That's what real estate agent Troy Stowe said about selling Le Reve, a 47,000-square foot home in Forsyth County. The estate is a couple miles off Georgia 400 near the intersection of Highway 20.

The estate features seven bedrooms, nine full baths, 11 half baths, 10 fireplaces and two elevators. The home took three years to build and was completed in 2006. It sits on 72 acres and includes a four acre lake. It cost nearly $50 million to build.

It's also in foreclosure.

"This is probably one of the largest foreclosures (in the state)," Stowe noted.

The house comes furnished.

"It's the best of the best when it comes to artwork, fabric, all the windows and drapes are on drapery control," Stowe said. "We have what they call Ashland windows and doors. They are all made out of mahogany. There's probably over a million dollars worth of just windows and doors in the house."

Hubert and Norma Humphrey were the original owners.They have over a dozen grandchildren, so when it was built, having fun wasn't forgotten.The terrace level of the house includes a two-lane Brunswick bowling alley, a virtual golf simulator, a '50s diner, an arcade and a impressive train set. The original owner was a former freight train conductor.

SLIDESHOW: See Le Reve, $50 Million Estate Now For Sale For $16.75 Million See Le Reve, $50 Million Foreclosure

"There is a $75,000-$100,000 train set down there, just a great little hobby if you're into that kind of thing," Stowe said.

The most impressive feature on the terrace level, however, has to be the home theater. Don't picture it as your home theater or even the home theater of the rich neighbor down the street. Think the Fox Theatre in downtown Atlanta. Why the Fox? The home theater in this house is a replica.

"I was told that in that one room, there are 27 seats and there was over $1 million dollars spent in the home theater," Stowe told wsbtv.com.

The estate features a private 18-hole golf course, sports courts, stables, a camping area, an exercise facility, a massage room and a pool. The entire property is gated and security cameras span the property.

If Stowe sells the house on behalf of the bank at or near its current price, it will set the record for the most expensive home ever sold in the state.

"I look at it as a challenge," Stowe said. "The most expensive house that I ever sold was $7 million. This is one of the largest private residences in the state of Georgia. I would love to accomplish in my career to have the highest home ever sold in the state of Georgia."

When the bank took ownership of the house, it was listed for sale at $28 million. The price has been dropping ever since.

"Now, our new strategy is, the house needs to go," Stowe said.

Current price of the home is $16.75 million.

The name of the home, Le Reve, is French for "The Dream."

For more information on Le Reve, click here.

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