Multi-million dollar foreclosures

Even these mega-mansions in some of America's wealthiest neighborhoods are not immune to the housing crisis.

Laguna Beach, Calif.
Laguna Beach
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Asking price: $18 million

Located in "the Gold Coast of Orange County," this impressive home with views of Catalina Island and the Pacific Ocean fell into foreclosure in 2010, the same year it was built. At one time, it was in escrow for $28 million. Now, the home is available through a private investment group for $18 million. It has never been occupied.

The house has an oversized master suite and 3 additional bedrooms, 6 1/2 bathrooms and a garage that can accommodate 20 cars. The kitchen is outfitted with high-end stainless steel appliances, granite counter tops and a butler's pantry. There's also a screening room and an atrium foyer. Elsewhere on the 11-acre property, are an infinity edge pool, spa, gardens and a fire pit.

"A home of this size on a parcel of land over 11 acres in this area is unheard of," noted the listing broker Richard Leavitt. "It could never be built again."



By Jessica Dickler @CNNMoney - Last updated February 22 2012: 8:44 AM ET
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