Ex-BofA Chief Ken Lewis Unloads Bro Pad

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The home was listed in 2009 for $3.3 million and has been on and off the market; it was most recently listed in February for just under $2.5 million, and is under contract for “close to asking,” said listing agent Sally Papineau of Spring Island Realty. The buyer is from Chicago and works in the finance industry, she said. Located in Spring Island, a luxury residential community in South Carolina’s Low Country, the home is co-owned by Mr. Lewis and Dennis Thompson, the founder of the Charlotte, N.C.-based restaurant operator Firebirds International. They bought the property for $3 million in 2002, according to public records. Mr. Lewis said he and Mr. Thompson “have been good friends for a long time,” and decided to buy together, along with their wives, in part because they often golfed in the area. They decided to sell because they don’t use it as much as they would like. [WSJ via BI]

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Ken Lewis's Great Idea Pad Sells For $3.15 Million

They said it couldn't be done. They said it didn't matter if it was $4.5 million or $2.5 million or if they were giving it away. They said potentials buyers wouldn't be swayed by the pitch to "sleep where Angelo Mozilo hath slept, after a few too many troughs of Boone's farm" (AKA "The Mozilo Bedroom"), or to impress guests with the cocktail party fodder that "that chair you're sitting in right now the very one Ken Lewis was sitting in when he decided to buy Merrill Lynch, can't get better investing karma than that." They said the vomit stains on the rug would not be a selling point. They were wrong.