SOUTH CAROLINA — A South Carolina home sold for $9 million Tuesday to a buyer with a mortgage debt of $9.7 million.
The buyer, a mortgage broker who declined to give his name, sold the two-story home at 100 S. East Street, on the southern edge of downtown Charleston, for $2.4 million.
The seller paid $1.5 million cash for the home and an appraisal valued it at $1 million.
A few hundred yards away on South First Street, a two-bedroom home sold in June for $1,000,000.
It is being offered for sale again.
The buyer did not provide an address.
The property is on the market for $4,500,000 to $5,000 a month.
A South Carolina real estate broker, David Schmid, who has sold houses in South Carolina and elsewhere, said he is not sure whether the South Carolina buyer’s debt will be forgiven because of the high interest rate in the state.
He said the South Carolinian real estate market has never been this tough.
He has sold dozens of houses for nearly $1 billion and said he has not seen the debt of such a large number of homes.
South Carolina is the only state in the South that does not have a law requiring people to repay their mortgages if they lose their homes.
The property is owned by a group of South Carolina farmers who are trying to sell it to help the family who has a child with Down syndrome.
The family bought the home in 2006.
A state judge last month approved the sale to the family.
The home is near the Charleston International Airport, and it sits on a small parcel of land that is mostly farmland, Schmid said.
The farm was a part of the farm operation.
The buyers are a South Carolina couple, who are the sole occupants of the home, Schmin said.
They have two young children and are hoping to sell the home for a significant amount of money, he said.
The South Carolina House of Representatives has no rules regarding how homeowners can repay their mortgage debt.
The house is valued at about $1 and is listed on the Charleston real estate site.