Spire developer faces home foreclosure
August 25, 2011
By: Mary E. Morrison
(Crain's) — With one bank pursuing a $77-million foreclosure suit against the Chicago Spire, another one now is trying to foreclose on the Gold Coast home owned by the failed project's developer, Garrett Kelleher.
Bank of America N.A. earlier this month filed a $12.02-million foreclosure suit on the Astor Street residence, a 9,000-square-foot Georgian mansion owned by a corporate entity controlled by the Irish developer.
The venture paid $8.5 million for the home in March 2007, county records show, back when Mr. Kelleher was promoting the Spire, a proposed 2,000-foot twisting tower on the lakefront that would have been the tallest building in North America.
But the condominium project at 400 N. Lake Shore Drive fizzled as the economy and housing market sank, leaving Mr. Kelleher with a big hole in the ground and a $77-million foreclosure suit from Anglo Irish Bank. Earlier this month, a judge ordered Mr. Kelleher to pay Bank of America $5.2 million over unpaid loans tied to the project......(cont'd)