Loren-Maltese Cicero Home Sells for Next to Nothing
By Chuck Sudo in News on Jul 29, 2011 3:30PM
Loren-Maltese, for one, was shocked that's all the home garnered at auction. Maybe it was the purple carpeting or the lavender drapes or the fact that it was owned by a woman who bilked the town for close to $12 million and the proceeds from the sale are going to pay that back and Cicero has done very little in the post-Loren-Maltese years to show that it learned a lesson on fiscal responsibility. Still, $87,000 can buy a lot of back scratchers, beach balls and rubber chickens. Loren-Maltese said the appraised value of the home was at $225,000. So that money the winning bidder didn't spend can go toward a good interior designer
Loren-Maltese was on hand for the auction, which drew more curious onlookers than actual buyers. The home was bought by the son of an old neighbor. "I’ve known him since he was a little kid playing traveling hockey. I think he works for Cicero now," Loren-Maltese said. She also offered to take the winning bidder out to lunch, but doubted the new owner would take her up on the offer.