Two years ago, part of mortgage servicerOcwen Financial Corp. relocated to St. Croix and the company’s chairman, William C. Erbey, wanted to move there, too. The company bought Erbey’s Atlanta home for $6.4 million and put it on the market in September 2012. The house is still for sale and stockholders are paying the price, reports The Wall Street Journal.
By many measures, the company paid too much for the house at 4701 Northside Drive, reports WSJ Moneybeat. Erbey bought the six-bedroom, 12-bathroom, 14,387-square-foot home in 2006 for $4.385 million. He sold it to the company at a 47.7 percent increase, although the median value of top-tier homes in the area had dropped 11.2 percent, the WSJ adds.