Thursday, 17 July 2008

Proof The Property Slump Isn’t All Bad…

For millions of homeowners, the property slump could mean years of hardship.

For John Gizzi it could mean years of hard labour.

At the time of his sentence for fraud, he was ordered to pay back £2.6million he earned as a criminal or face an eight-year extension on his prison sentence.

To meet the bill, he has been trying to sell his nine-bedroom mansion. But the market crash has cut its value from £1.75million to just £900,000 - and a buyer is yet to be found.
Oh, dear. My heart just bleeds!
Gizzi's legal team are planning to return to court to ask the judge to take into account the plummeting value of his property.
Good luck with that… :)

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