Potomac Mega-Mansion has sad story behind its selling


This is the unfinished mega-mansion of renowned cardiologist Dr. Hector Collison. The 27,000 square foot home is on the market for $5,500,000 and contains 10 bedrooms, 10.5 bathrooms, an indoor pool, a basketball court, and much more. It is located on Bentcross Drive in Potomac. Hector and his 15 year old son died in a single engine plane crash in the Shenandoah Mountains. Him and his family were set to move into this sprawling mansion and now his wife is forced to sell it. The bank says that they owe $8,000,000 on the house. There is a video above on this story.
Advertisements

5 Responses to “Potomac Mega-Mansion has sad story behind its selling”

  1. Anonymous Says:

    I am trying to figure this guy out because it makes no sense. If they owe $8 million on the house that means they probably had about $10 million into it.
    Now my father is a surgeon and he can’t afford a $10 million home so I am not sure how this guy even remotely did it or was going to do it.
    Also, he had only a $2 million life insurance policy and then he quit paying on it?
    The maximum I see most surgeons, cardiologists and specialists spend on homes is in the $2 million range.

  2. Anonymous Says:

    Yeah…I think the same as the other poster. The video states this guy had 9 locations, so I’d think other doctors in his practice so it would continue without him so surprised his death brought financial ruin. I am truly sorry about the tragedy, but I live my life by a rule that serves me well “hope for the best BUT plan for the worst!!!” Sounds like this guy let his ego go crazy (I am sure the wife left behind was not discouraging his build it bigger attitude) and I suspect many of the monster mansions are courtesy of those living WAY past their means. A mansion HALF the size at 14,000sqft is still huge. I’d NEVER build a $8M mansion without a net worth of $100M to back it up. I think this guy let his ego get the better of him building way more than he could afford…now his family is suffering for it. The postor child for the term house poor.

  3. Anonymous Says:

    Glad to see the other posters have the right way of thinking. This guy was clearly living beyond his means. Many doctors (not all), are the first ones to go out and buy mega mansions or build them. They take on massive mortgages at the same time. As the second poster stated, you need to make sure your net worth can cover the cost of the mansion. A $50,000 a MONTH mortgage (which is what I think I heard in the story) is absolutely stupid stupid stupid. In my mind, if you need to mortgage that much, you CANNOT afford the house!! And you see how quickly when things go bad, this time tragic, everything comes to a screeching halt. It’s a sign of being in way over your head. It’s an unfortunate scenario but the financial end of it is most of the reason why we’re in this economic mess in the first place in the first place.

  4. Joy Says:

    The seduction of consumerism!!! The bright side of this sad scenario is the opportunity for others to learn. Also too, it’s a good thing that the banks will no longer offer ridiculous programs.

  5. Anonymous Says:

    Replying to poster# 3…YES YES YES

    I've got a coworker (and his wife) who do not live in a mansion, but not a shack either @ ~6,000sqft. They want everyone to know it too; know that they drive luxury cars; know they own a boat & motorcycles; time shares {yes plural}; sending their child to private school. They want everyone to see everything they've got, but the truth is they own NONE of it…all is on credit. When the economy tanked their house of cards began crumbling where this guy cannot even afford to join us for lunch anymore. All of us fellow coworkers in the same salary range were asking ourselves all along how do they do it? Answer is DEBT up to their nostrils!!!

    Personally I've kept my own debt:income ratio low and in check living in the same nice ~3,500sqft house for ~10 years now while this couple upsized 3 times in the same period. Also, I drive nice pre-owned cars @ 1/3rd the cost of new without eating that big depreciation. This guy looks down his nose at people who buy "used cars." I'd estimate the coworker’s debt:income ratio @ ~6:1 where I don't see how they can ever dig out. Why did credit lenders EVER let them get in so deep? Borrower lack of responsiblity YES, but they never should have been given the rope to hang themselves the same with this surgeon with the 27,000sqft mansion. And like the cardiologist’s wife is finding out…they are now upside down in their mortgage where they told me before their worst case plan was sell the house to cash in big…not anymore.

    The coworker actually chided for being too frugal (I wear it as a badge of pride) and who is laughing now? And what’s crazy is that even on the brink saying he cannot afford lunch…they just took a luxury vacation in December & talk about finishing their theater room to be the envy of their neighborhood. They are struggling to even pay the mortgage where these people will never see the light until the bank is foreclosing on them.

    A nice couple and I am friends with them, so why I hate seeing them on their self-destructive path. They need a good debt counselor, but for that to do any good you’ve got to follow their recommendations and make changes. I don’t see them giving up any of their toys or moving to a smaller affordable house…even with the current path leading towards eventual bankruptcy.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: