The Party's On Hold
Little sign of work outside Burr Ridge behemoth
Construction has apparently ground to a halt on the 41,000-square-foot hilltop castle just outside Burr Ridge owned by the mortgage broker Nick Memeti. According to building officials from DuPage County, the project's construction permit had expired twice, both times for "lack of required activity."(Memeti, the head of Freedom Mortgage, insists that the permit expired only once and is currently up to date.) In mid-November, DuPage officials said nothing had happened on the property for more than 90 days, but they had agreed to reopen Memeti's permit for another three weeks. As Deal Estate reported in December 2006, Memeti was building the enormous home for himself, his parents, and hundreds of anticipated party guests. Since then, workers have installed some stone siding on the house, but otherwise the exterior looks much as it did more than a year ago-though Memeti says work has been proceeding indoors.
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Reader Comments:
CEO's of Fortune 500 companies don't build castles like this. What was this little fella trying to prove?
I don't know what was he thinking, however, I have heard that he is been trying to sell this...as is
I think people shouldn't comment until they know the whole story behind it. As always people like to see and hear of others failing. It makes them feel good about themselves! Rather than give people a benefit of the doubt.
People can say what they want... That is what makes this a great Free country!
As far as the truth.... Let's face it, a 30 year old businessman in the mortgage business who had a string of success got to big for his own good! he should have known that the business would not last forever but that will come with age and experience.
He thought he would continue to make the money he did a couple of years ago and lost control! He almost lost his business when one (That was caught at least) of his employees swindled people out of money. When one gets distracted with things in life that are not important like entertaining employees in an obnoxious house, that is just plain stupid. The mortgage business is a lucrative business if done the right way. If your business model is to attract and prey on people through Radio adds, you will not survive. I hope that he has learned many lifes lessons through this and comes out OK. I am sure he has developed his business skills tremendously over the last 12 months! Keep it real and keep it simple Nick! Your over 30 now... people really do not care! Impress yourself, not others, and make a difference in this world. Good luck Nick!
I guess speaking the truth is part of the, no pun intended, Freedom we hold as Americans.
My opinion is what the kid has invested so far into his castle is more than alot of people will make in there entire life time and then some. He is young and motivated he will figure thing's out and he will have a good future ahead of him. He has what it takes which is balls and brains .
This guy has to stop GAMBLING and concentrate on business he might have a new home to live in.
Drove by this castle today, i might say its located literally in the middle of no where. Sure its right off frontage road, on a little street called meadow brook ln, but i mean theres only one other home that even its a million in this area. I see alot of development in this area in the future, when the economy picks up, since its in a secluded area with acres and acres for sale. I think Nick's got a good thing though,his parents own over 3-4 acres in this same area. In fact the lot next to him is owned by them and they have a sign with their company advertising home construction along with a 2 acre lot. I dont think nick will have trouble selling this property, i'm not sure how much this house is worth but he'll be able to sell it if he has to.
I feel bad for the ranch next to the home, it looks totally out of place next to things thing.
I saw his ads for 100% loans and interest only loans. Way to go subprime bloodsucker!
This guy is a true disgrace. His predatory lending tactics were towards lower income individuals that he knew would eventually lose their homes, he should be investigated by the state for his lending practices. His top broker is in jail for falsifying documents and he should be right next to him. I wonder if he still has the five star personal chef or if he is making ramen noodles for himself for lunch.