Pretty sure Nenad Medic doesn't live there anymore, foreclosed on his unit. I'm sure he walked since those condos have lost a ton of their value.

Anyone know more about the Nenad Medich forclosure?

I just asked a California lawyer in America about this. Apparently in California at least (is NV different?), if the residence is your primary home, the bank can only use the home as collateral and they cannot come after your other assets if you default.

Now if this is true in this case, he could have basically bought a call option on the property to see if price increases. He puts $100k down for a $1million flat, and if it increases to above $1.1million (plus the payments he put in if not rented), he turns a profit (and has a place to live in for time being).

If it goes down like it has over 50%, then he can walk away with only a ruined credit report in America. I mean, why would he pay 900k to save his 100k equity if it is worth 500k?

not relevant to thread

He signed a contract and said that he would repay the debt. That's why.

Or are you the type of scum who would say something about it being -EV to repay one's debts?

Under the state law as it is, it's not a debt therefore he wouldn't be scum.