• $50 million foreclosed estate sells for $11.5 million

    By: Nelson Hicks


    CUMMING, Ga. - There are foreclosures and then, there was Le Reve. The Forsyth County estate, that cost nearly $50 million to build, was foreclosed on in late 2010. The estate now has a new owner after a couple paid $11.5 million for it.

    Le Reve is French for "the dream." The home was just that for the couple who built it, Hubert and Norma Humphrey. Le Reve took three years to build and was completed in 2006.

    Now, it's a discounted dream for someone else.

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    "One of the largest challenges of selling Le Reve 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," real estate agent Troy Stowe told wsbtv.com. "If you're not used to maintaining and caring for a property like that, it is a challenge."


    The estate is a couple miles off Georgia 400 near the intersection of Highway 20. Le Reve features seven bedrooms, nine full baths, 11 half baths, 10 fireplaces and two elevators. The property 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.

    The terrace level includes an arcade, golf simulator, 50s diner, bowling alley and home theater.

    "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. It's a replica of the Fox Theatre in downtown Atlanta.

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

    The home originally listed for $45 million. When the bank took possession of the property, it was dropped to $28 million. It was dropped down to $16 million before the $11.5 million offer was accepted.

    "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." Stowe said.

    As for the new owners, Stowe couldn't say much.

    "Everybody wants to know who bought it," Stowe said. "And I did sign a confidentiality agreement, but I just tell them it's normal folks. Everybody says, 'Is it a celebrity or high-profile person?' But, (it's) just normal folks, husband and wife living at the property."

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