Hartford Courant – Michael Lauer’s estate in the prestigious backcountry neighborhood of this wealthy town looks almost as troubled as the U.S. economy.
The grounds are overgrown with waist-high weeds. A pool cover is filled with filthy, stagnant water. Inside, paint is peeling around the soaring windows.
So when the house of the disgraced hedge fund manager goes up for foreclosure auction today by the Internal Revenue Service, bidders will have to look for its potential — and think about how much they will have to invest to make the 7,300-square-foot contemporary livable again.
Just like taxpayers and business managers eyeing the U.S. economy.