Mortgage And Real Estate News

Sunday, December 4, 2011

Ex-McCain home fetches $1.8 mil in short sale

The former home of Sen. John McCain and his wife Cindy on Phoenix's Central Avenue has sold for $1.8 million.
Courtesy Bobby Lieb The former home of Sen. John McCain and his wife Cindy on Phoenix's Central Avenue has sold for $1.8 million.



The former home of U.S. Sen. John McCain has sold for $1.8 million through a short sale after being listed for $12 million only a few years ago.

The home, located in north-central Phoenix, has been rented for the past few years.

Actor Steven Seagal signed a lease to move into the estate last year but never did.


Christopher and Katinka Bryson bought the almost 10,000-square-foot home on 3 acres. Katinka Bryson is an agency vice president at State Farm Insurance in Phoenix.

Las Vegas investor Jane Popple bought the estate from the McCains for $3.2 million in 2008 and put more than $1 million into renovations.

After not being able to sell the property, she leased it out and kept trying to find a buyer. At one point, Popple was asking more than $12 million for the home.

In 2009, she tried to sell it through a private auction and turned down a $6.5 million offer.

Phoenix real-estate agent Bobby Lieb of HomeSmart Elite brokerage negotiated the sale of the home for Popple and the McCains in 2008.

This year, the property was listed for short sale with an asking price of $3 million.

Lieb said the home sold for less because recent renters had "trashed it," and the Brysons will need to fix it up before moving in.

He said Seagal never moved in and broke his lease but still paid Popple several months' rent.

Before the sale, Popple almost lost the estate to foreclosure.

She owed more than $4.5 million on it.

A trustee's auction was scheduled for Aug. 15. The short sale was delayed a couple of times.

The McCains listed the home in 2006, but it took two years to sell to Popple.

The McCain family moved to a penthouse at 24th Street and Camelback Road in Phoenix's Biltmore area.

by Catherine Reagor, and John McLean The Arizona Republic Dec. 2, 2011 03:28 PM




Ex-McCain home fetches $1.8 mil in short sale

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