BofA's Ken Lewis selling house for less than cost

For Sale

Kenneth D. Lewis, who retired as Bank of America’s chief executive officer after the housing crisis almost toppled the firm, is selling a South Carolina island home for less than it cost 12 years ago.

“Unfortunately, we did not get there as much as we would have liked,” Lewis, who hasn’t given many interviews since leaving the bank in 2009 after a $45bn taxpayer bailout, said by e-mail. “Spring Island is one of the most beautiful locations in the country if you like the low country, which I do.”

Bloomberg News reports that the house is in contract to sell for about $2.5m, its most recent asking price, according to listing broker Sally Papineau at Spring Island Realty. Lewis, his wife and another couple spent $3m in 2002, public records show.

They’ll be leaving a plantation-style house with three bedrooms, a wraparound porch, three wine coolers, solid-mahogany doors and floors of “antique limestone imported from a French chateau,” according to its listing. Views include “changing tides, marsh wildlife and spectacular sunsets.”

To access the complete Bloomberg News article hit the link below:

Ken Lewis Selling His Island Getaway at a Loss

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