A Massachusetts man is feeling some buyer’s remorse after securing a $5.5 million mortgage on a mansion poised to fall into the Cape Cod Bay.
The man, John Bonomi Jr, first made headlines five years ago when he purchased the sprawling 5,817-square-foot estate against warnings from area conservationists, who advised that the beach was eroding at a rate of six feet per year as rising sea levels take their toll.
Bonomi’s house, meanwhile, sat just 12 to 14 feet away from the rapidly-disappearing escarpment — and that was 2021.
Fast forward half a decade, and the situation — not to mention the mansion’s foundation — has only deteriorated as the continual lashing of ocean waves takes its toll. According to the Boston Globe, Bonomi is now trying to recoup his costs by filing suit against JP Morgan Chase, the bank that originally serviced his ill-fated mortgage.
As for his legal strategy, the property owner is essentially pleading insanity, saying that he was “acting under an uncontrollable manic psychosis at the time” he agreed to the terms of the mortgage. It’s a fascinating argument, especially because Bonomi has been diagnosed with bipolar disorder.
“No rational person… would have considered purchasing the Property, and certainly not at the full asking price,” the suit argues. “It is a recognized diagnostic fact that a symptom of bipolar disorder is irrational risk-taking and impulsive behavior, including reckless spending.”
While Bonomi may have a point — it’s astonishing that JP Morgan Chase gave him the green light, mental health episode or not — it remains to be seen whether the courts agree.
According to the Globe, the bank originally lobbied to get the case dismissed. It answered Bonomi’s filings in May, however, saying that, “to the extent a response is required, Chase denies the allegations contained therein and leaves Plaintiff to his proofs.”
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The post Man Sues Bank for Being Stupid Enough to Give Him a Mortgage Even When Experts Were Warning Him It Was About to Fall Into the Ocean appeared first on Futurism.
