Ocwen Chairman’s Mansion Still on Market — Two Years After Shareholders Bought it for a Hefty Price
Two years after mortgage company Ocwen Financial Corp. bought Chairman William Erbey’s Atlanta mansion for top dollar, the spread remains on the market — even after two price cuts.
In an eyebrow-raising perk for a billionaire businessman, Ocwen in 2012 bought Erbey’s manse for $6.48 million — $2 million more than he paid at the peak of the housing market.
“The purchase price was within the market value range provided by an independent third-party appraiser,” Ocwen said in a statement at the time.
After Ocwen bought Erbey’s house, the company listed it for $6.7 million. Last year, Ocwen cut the price to $6.4 million. This month, Ocwen cut the price again, to $5.9 million, according to Zillow.