There was a time, in the first decade of the 21st Century, when anything to do with real estate was golden.
If only Garrett Kelleher had conceived of his grand dream when the comet of prosperity burned brightly. Instead, he grabbed hold and came to find that he had grasped the tail and the comet was heading out into the cold of deep space.
The Chicago Spire was supposed to be a statement, a show of pride and a testament to an Irish immigrant's ability to work hard and succeed in America.
Unfortunately, the timing was off. Just when things were getting up and running, the market went south and there weren't enough buyers around who wanted a condo unit in a thoroughly unique skyscraper.
Loans came due, with Mr. Kelleher personally responsible for repayment. The developer pleaded for more time, praying that the downturn was of short duration.
His prayers weren't answered. Bank of America wanted their money back. He sued the bank, hoping to buy enough time or raise enough capital, but Judge Amy St. Eve has put an end to that lifeline.
The Kelleher home in Chicago, located in the uber-posh Gold Coast is on the market for $16 million, which would go a long way to paying Bank of America the $5.1 million owed.
Even with that action settled, there's still the construction loan from Anglo Irish Bank that's in default. How does a man come up with $77 million when he's in the property development game and there's no property getting developed because no one has the money for risky ventures?
It would have been a magnificent building, if....
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