This is the result of the high price BentleyForbes paid at the height of the housing bubble when it purchased the building for $346 million from Bank of America and Cousins Properties Inc. It was the city’s biggest deal at the time.

With the housing market collapse the value of the building shrunk to 46% of its original selling price. Now the 1.25 million square-feet iconic building still counts Bank of America as tenant, but the lender has reduced space and bond investors who helped finance the purchase are on the hook for losses, Bloomberg reports.

“It’s a fine building, a beautiful building, and still very much a landmark,” said Kirk Diamond, senior managing director at broker Cassidy Turley, in Atlanta. “It just needs to be recapitalized and written down to a market level to be able to compete effectively.”

Public records show that the 84-year-old club has $7.2 million in outstanding debt plus interest, attorney’s fees and court costs. The foreclosure lawsuit was filed by the club’s creditor Colonial Finance LLC back in May 2010.

One of Manzella’s plans to raise revenue in order to save the club from foreclosure was to developed 15 acres of club property along Jefferson Highway into a retail strip, including a high-end grocery store.

But his plan wasn’t backed by the club’s neighbors and also lacked the support of City Hall.

The property is appraised at $4.5 million, according to the Sheriff’s Office. If it sells for less than the debt, Dwyer said, Colonial Finance may pursue the difference with the debtor.

The housing crisis affected many prominent buildings across the country. Glen Falls’ Roger Building is yet another prominent building that is no scheduled to be sold at foreclosure auction due to foreclosure.

The property that sits vacant for a couple years now it is located at 21 Bay St., across from City Park and Crandall Public library. The owner of the foreclosed building is Parkside Development Partners LLC, an investment group affiliated with Sophie and Charles Cefalu. The owner has a $1.7 million mortgage past due on the structure and two adjacent parcels.

According to PostStar the building is scheduled to be auctioned off to the highest bidder at 10 a.m. January27 at the Warren County Municipal Center.

Public records show that the owner stopped paying its mortgage in 2008, when the financial crisis hit the country. A foreclosure lawsuit was filed last July and in November a judge ordered the structure to be auctioned to recover proceeds for the lender, Genesis Financial Inc.

Keasarge House LLC and the Atlantic Keasarge Parking Lot LLC in York Beach were sold Thursday for $1.1 million as creditors have formed a queue for recovering debt.

Kearsarge House LLC, 6 Railroad Ave., and the parking lot at 4 Main St., across the street from Kearsarge House, were sold to Kearsarge Acquisition Company LLC, according to attorney Peter Carey of Mittelasen LLC in Portland. The parking lot includes a small retail shop.

A-K Holding Company LLC owns both the Atlantic House at York Beach LLC and Kearsarge House LLC, but the manager was Harold Anderson, who bought Kearsarge House in 1997, and Lorri O’Brien, daughter of Atlantic House developer Don Rivers.

Rivers opened the Atlantic House and Blue Sky in 2007. He and Anderson had plans to renovate Kearsarge House before the market downturn.

Kearsarge House LLC filed for bankruptcy Aug. 30, 2011, just before a scheduled foreclosure auction.

According to public court documents, a court order granted the sale of Kearsarge House LLC to Kearsarge Acquisitions LLC. Peter Cary ot Mittelasen LLC, Portland said while the sale was allowed, the bankruptcy is still going forward, with proceeds from the sale of Kearsarge House paying off certain creditors.

These include mortgage holder Kennebunk Savings Bank, which is owed $828,336; the town of York, owed $30,207 in real estate taxes; the York Sewer District, owed $4,182; the York Water District, owed $1,638; and IPFS Corp., owed $1,630 for property insurance, according to the Dec. 16 sale procedure order by U.S. Bankruptcy Court District of Maine Judge James B. Haines Jr.

A Spokane Bank is now the owner of large pieces of the troubled Ridpath Hotel in a move that can lead to its clear its ownership problem surrounding the iconic downtown hotel. Furthermore, some voices say this takeover can lead to its restoration and even opening.

A public foreclosure auction was held Friday in the lobby of the Spokane County Courthouse, but it failed to bring any bids above the opening bid of $865,000 and $125,000 for two upper floors. This is how RiverBank became the owners of these two Ridpath floors.

According to the bank’s CEO, Chuck Brooks, the RiverBank will attempt to find a buyer for the property.

RiverBank forced the auction by filing a foreclosure auction against former owners, Gregory and Kimberly Jeffreys, a couple from Spokane, who faces a series of lawsuits and investigations over their trail of debt left to the county.

However, the bank did not manage to take over the whole building, so the Jeffreys are still the owners of a certain, but small property interest of the hotel, which closed its door in 2008 and was sold off in pieces.

The financial crisis has hit hard commercial property owners and Lakeville is not an exception. Recently a downtown Lakeville business owner received a foreclosure notice on his building that houses Holly’s Centre Stage Dance, according to theDakota County Tribune.

The building is located at 20721 Holyoke Ave. and it had trouble keeping tenants since it was built in 2008. It was the place where you could find Kazolly’s Sweet Shop and Game Time, but these businesses moved out of the building.

Two years ago Paradise Pizza and Grill was expected to open on the main level, in the former Kazolly’s space, but the owners of Paradise were also hit by the financial crisis, even got foreclosed on their homes. Timothy and Rochelle Falkenberg, the owners of Paradise Pizza have signed a contract to lease the main level, but they could not open the restaurant due to financial woes.

On the other hand, Hewitt sued the couple last year in November for $23,520 in unpaid rent, and court records say the Falkenbergs did not repod to the lawsuit, so they awarded Hewitt a default judgment of $25,903 before Christmas.

The Hewitt building has an unpaid balance of $807,000 on its mortgage. The legal notice published in the Dakota County Tribune says the lenders scheduled the property for a foreclosure sale on January 12.

The stalled development for West Hollywood’s Eastside, called Movietown Plaza is now on the auction block.

According to sources unnamed by the LA Business Journal, a New York private.equity firm Cerberus Capital Management LP refuses to grant its ex-partner, billionaire developer Alan Casden the right to develop the 371 residential unit mixed project located at 7300-7328 Santa Monica Boulevard.

The sources cited by the newspaper say Cerberus has an offer from CIM Group Inc. og Hollywood, a large developer, who has recently headlined newspapers with its purchase: the Sunset Strip’s moribund project Sunset Millennium Project.

On the other hand, CIM is the only one in the dozen of interested developer in purchasing the development, who put the money on the table.

If the Movietown Plaza got sold these days, it will avoid the foreclosure sale, but it is not likely.

Casden lost control over the Movietown Plaza project after a dispute with Cerberus this year. The dispute resulted in Casden losing his position as managing partner, and Cerberus’ six properties facing foreclosure.

Constitution Plaza office building in the heart of Hartford, building that once housed the Travelers Education Center slipped into foreclosure.

After one year of sitting vacant next to the clock tower, the lender of 132,000-square-feet building seeks to take over. The owners have received a foreclosure notice, filed by GE Asset Management, and the notice names the following entities as owners: US Bank, National Association, the trustee of the Walters Connecticut Venture Trust.

According to the Hartford Courant the Constitution Plaza building is the latest high-profile office building slipping into foreclosure in the heart of the city. Another two buildings: CityPlace II and Goodwin Square are also in foreclosure, at the final stage. Both buildings are owned by Northland Investment Corp.

Constitution Plaza, owned in majority by Capital Properties has seen occupancy dropping in the latest period. The four properties owned by Capital are leased only in 80%: One and 100 Constitution Plaza, 250-260 Constitution Plaza and 10 Constitution Plaza.

The chief executive officer of Thor Equities, Mr. Sitt is well known in New York for his purchases on Fifth Avenue and in the Meatpacking District. Now, Mr. Sitt has purchased an apartment building at the corner of Atlantic Avenue and Smith Street, close to his roots, with plans to renovate the first floors and transform it to a 6,000 square-feet of retail space.

The price paid for the apartment building hardly reached $5.4 million at the foreclosure auction. While the purchase seems paltry compared to Mr. Sitt’s recent acquisitions, the apartment building is part of his plan to participate in Brooklyn’s rapidly growing retail scene.

“I’m a big believer in the transformation that’s about to happen because of all of the new residents. It’s a wonderful opportunity to buy the best corner in all of Brooklyn,” Mr. Sitt says.

Foreclosure hit the River Park Plaza, a St. Paul office building, which belongs to Jerry Trooien’s companies.

According to a notice published in the St. Paul Legal Ledger Capitol Report on Monday, the 10RPP LLC owes more than $34 million on the mortgage on the building.

Finance & Commerce noted the building now in foreclosure was appraised to $45 million six years ago, featuring 333,000 square-feet of leasable space. Five years after the appraisal published in the above mentioned newspaper, in Troieen’s bankruptcy case court papers show the property’s tax value reached only $21 million.

The building scheduled for foreclosure sale was built in 1988, and now hosts Comcast Corp. JLT Group Inc’s headquarters, and also one of Troieen’s companies.

Troieen faced harsh times, with serious financial troubles so he filed for bankruptcy protection, which he exited in August. The River Park Plaza is scheduled to be sold at sheriff sale on January 24.