(Source: Chicago Tribune)
CHICAGO _ The Chicago area mansion of former Rod Blagojevich fundraiser Antoin "Tony" Rezko sold Monday for the opening bid of $2.8 million to the same bank that put the house up for auction.
Bank of America, which foreclosed $5.9 million on the property last May, was the only bidder.
Attorney Fred Lappe of Intercounty Judicial Sales Corp., which conducted the auction, said the next step will be for a court to confirm the sale.
The bank may then order any current tenants out of the home, which could be done in as little as two months. Typically, he said, the bank would put the home up for sale after that.
"This isn't typical, though," Lappe said. "They could make some arrangements with Mr. Rezko or his wife or anyone else."
Any potential buyers were required to show cash or a cashier's check for 10 percent of the opening_and ultimately, only_bid of $2,835,814.
Rezko is in federal custody awaiting sentencing for his conviction on charges of fraud, money laundering and abetting bribery.
Before his fall from grace, Rezko often showered hospitality on VIPs who came calling. One of the highlights was a fundraiser he hosted at his home in 2003 for the fledgling U.S. Senate race of a candidate named Barack Obama.
Rezko lost the house in the tony Chicago suburb of Wilmette, Ill., in a $5.9 million foreclosure judgment in May.
Described by his attorneys as broke, Rezko missed a house payment in 2006, prompting LaSalle Bank to file suit.
Bank of America, which acquired LaSalle, and which put the house to bid wanted to get what it could by unloading the 8,500-square-foot estate to the highest bidder.
The $2.8 minimum was set shortly before the auction.
In order to even bid, interested parties had to show that they had 10 percent of the minimum bid price _ in cash or certified funds. The balance of the payment was due within 24 hours of the sale.
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