Home Front

A blog about the economy and the Sacramento-area real estate market.

September 10, 2009
C.C. Myers' home for sale

Famed contractor C.C. Myers' palatial 8,000-square-foot home in the Sierra foothills was put up for sale this week, in the latest chapter of Myers' financial downfall.

The unfinished home, which he lost to foreclosure, was conceived as as a centerpiece of sorts at Winchester Country Club, the posh residential project developed by Myers.

Winchester went into foreclosure and Myers filed for personal bankruptcy last year.

Real estate agent Matthew Baughman, of Keller Williams Realty in Auburn, listed the home this week for $1.5 million. He said at least $2 million has been spent on the home, and it will take another $1 million to $2 million to finish.

Myers' spokeswoman, Beth Ruyak, said Myers concluded that "it's very expensive for them to finish it. It's economically unfeasible for them to think about living there."

The home includes an underground tunnel connecting the driveway to the garage, plus a media room on the top floor accessible only by elevator. "It's that whole house on steroids thing," Baughman said.

Although the bankruptcy didn't touch his company, bridge and highway contractor C.C. Myers Inc., it is expected that he will lose his 45 percent ownership stake in the company. His workers, through an employee stock ownership plan, are in the process of buying the stake, Ruyak said.

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