Chapter 6 - The Sale of the Gold Coast
Thirty days later, the Gold Coast condo at 1200 N. Lake Shore Drive was put up for a public court-ordered foreclosure auction on the steps of the Cook County Courthouse.
A crowd of real estate investors, local journalists, and curious high-society onlookers gathered under the morning sun. Among them stood Evelyn Bell, wearing an old, faded coat, looking gaunt and hollow as she stood near the back of the plaza with her court-appointed public defender.
She had been forced to move into a tiny, rundown one-bedroom rental apartment in South Chicago.
The court auctioneer struck his wooden gavel. "We are opening bidding for Unit 14B at 1200 N. Lake Shore Drive. Opening bid set at $1.2 million."
"1.3 million!" shouted a representative from a local private equity group.
"1.5 million!" called out an investor from New York.
"1.8 million!"
The price climbed rapidly, fueled by the sheer publicity of the property. Finally, Arthur Vance raised his paddle from the front row.
"2.4 million dollars," Arthur announced calmly on behalf of an anonymous private buyer.
The crowd gasped. $2.4 million was nearly $500,000 above market value.
"2.4 million going once... twice... SOLD to Vance Asset Management Group!" the auctioneer slammed his gavel.
Evelyn watched in horror as the paper transaction closed. Because the sale yielded $2.4 million, the original mortgage was cleared, the $600,000 fraudulent equity line was liquidated, and the remaining $1.1 million in net profits was legally awarded entirely to Claire as restitution for non-marital fraud and stolen property equity.
Evelyn was left with nothing. Not a single cent.
As the crowd dispersed, Evelyn stumbled toward Arthur Vance. "Who bought it?" she rasped, her hands trembling. "Who bought my home?!"
Arthur looked down at her with cool satisfaction. "Claire bought it, Evelyn."
Evelyn's mouth dropped open. "What?"
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"Claire purchased the entire property back using her restitution funds and her late father-in-law's recovered trust assets," Arthur revealed smoothly. "And as of ten minutes ago, she closed on a contract to sell the condo to a luxury developer, netting an additional half-million dollars in pure profit."
Evelyn clutched her chest, staggering backward into her lawyer's arms as she realized that the home she had bragged about for years had been used by Claire to build an unshakeable empire for her twin sons.
