Good money after bad?

2 Cowdray Park Drive, the former residence of now-bankrupt Corey Kupersmith, was purchased from the foreclosing bank in 2015 for $3.8 million, and the buyer was probably convinced that he’d achieved a real deal, because Kupersmith had paid $8.9 million for it in 1999, and for heaven’s sake this was Conyers Farm! Bad move: the house was a wreck: most foreclosures are, and the new owners has spent the past three years pouring money into the place, trying to make it sellable. A year ago this month, he tried unloading it,, unfinished, for $6.750, but kept working on finishing it, spending more money, and increasing its price as the sunk costs increased: $7.250, $7.450, and today, $7.750.

I feel for the guy: the house isn’t selling as an unfinished project, and his only hope, I suppose, is to complete it and hope for the best, but the first law of holes is that when you find yourself in one, stop digging.

Tough situation.

2 cowdray park drive, as envisioned by photoshop