CICERO, Ill. (CBS) — The home once owned by former Cicero Town President Betty Loren-Maltese has been sold in a federal foreclosure auction for a mere $87,000.
Loren-Maltese says federal authorities did not do much with the three-bedroom, bath-and-a-half brick bungalow at 3818 S. Austin Blvd. in Cicero, since they seized it upon her 2002 conviction for a $12 million insurance scam.
“Look at the overgrown landscaping, the weeds in the back – it’s not maintained the way I would,” Loren-Maltese said before the auction.
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The auction in the crowded, overheated front room of the tan brick bungalow became a bidding war between Loren-Maltese neighbor Mike Wolf, and Cicero resident Manuel Valadez, who wanted the home for his family of five.
Valadez wouldn’t budge off $86,000, and Wolf won with a bid of $87,000.
Maltese said she once had the house appraised at $300,000. She said she was at least hoping it would fetch $100,000.
Wolf told reporters that at $87,000, he got a very good deal. He said it should shape up just fine with just a little work.
In her federal criminal trial, prosecutors said president Loren-Maltese let Specialty Risk Management process all Cicero employee insurance claims for a 30 percent commission, which was funneled to mob boss Rocky Infelise.
After being released last year, she had to move into a tiny one-bedroom apartment in the south suburbs, surviving on a small widow’s pension.
She has been seeking to have her conviction overturned, in hopes of regaining custody of her teenage daughter, Ashley, who lives with Loren-Maltese’s estranged sister in Alabama.