Marathon Pundit: Rezko mansion to be auctioned

If you are in the market for an historic Chicago North Shore mansion, then head to Wilmette next month. The home of convicted felon Tony Rezko, Barack Obama's first political sponsor, will be put on the auction block, Crain's Chicago Business is reporting this afternoon.

Bank of America will auction off Antoin “Tony” Rezko’s north suburban mansion early next month to try to recoup part of the imprisoned developer’s past-due $5.15-million mortgage.

Mr. Rezko took out the loan on his more than 8,400-square-foot home at 1250 Chestnut Ave. in Wilmette in September 2003, roughly three years before he was indicted on federal fraud and money-laundering charges.

The original lender, Chicago-based LaSalle Bank N.A., filed a foreclosure lawsuit in October 2006, after Mr. Rezko, a key fundraiser for politicians including former Gov. Rod Blagojevich, allegedly missed his August 2006 payment, according to a copy of the complaint filed in Cook County.

Now, the home where Mr. Rezko once held a lavish fundraiser for President Barack Obama will be auctioned off Aug. 10. Bank of America, which acquired LaSalle Bank in fall 2007, is expected to set a minimum sales price for the property, though the amount was not yet known, says Scott Jensen, a partner at Murray Jensen & Wilson Ltd., a Chicago-based law firm that’s representing the bank.