Bank of america plaza to sell at foreclosure auction

In today's post-bubble housing market, it's not uncommon for landmark buildings to fall into foreclosure. But this Atlanta tower is noteworthy for two reasons – it's the tallest skyscraper in the Southeast, and its sale smacks of irony.

The Bank of America Plaza, the 55-story skyscraper where BofA still holds office space, is scheduled to hit the auction block on Tuesday, the Atlanta Business Chronicle reports.

The building's current owner, BentleyForbes, fell behind on mortgage payments after buying the property from BofA and a real estate investment company in 2006.

Just as we've seen in the residential market, commercial buyers over-leveraged loans by betting on still-climbing prices. In 2006 the 1.25 million-square-foot property sold for $436 million. Today, it's worth less than half that, at approximately $202 million, Bloomberg reports.

Source: RealEstate.AOL.com