Foreclosure Winds May Blow Cubs' Fans Off Roof As 'Windy City' Rooftop Club Faces Forced Sale Over Unpaid Mortgage

In Chicago, Illinois, the Chicago Tribune reports:

• A suburban bank has obtained a foreclosure judgment of more than $3 million against the owners of a building that houses a Wrigley Field rooftop club.



• The Lakeview Baseball Club, 3633 N. Sheffield Ave., has been operating in receivership since last year when First Personal Bank, based in Orland Park, filed a foreclosure suit alleging that the building's owners defaulted on two loans. The lender issued a $2.8 million loan in 2006 and a second, junior loan for $350,000.



• Cook County Circuit Judge Darryl Simko ordered July 8 that the property be sold at public auction next month. But the owners are negotiating to sell the building privately before the public sale, said their attorney Martin Oberman, a former Chicago alderman.



• Oberman represents the children of Robert Racky, a Chicago developer, who started the first rooftop business in 1988 as a private club. The Lakeview Baseball Club is best known for the tote board under its rooftop seats that details the years elapsed since the Cubs' last division, league and World Series titles.(1)



• Since then many of the apartment buildings surrounding Wrigley have opened rooftop businesses, turning a novelty into multi-million-dollar businesses. The rooftops pay royalties to the Cubs as part of a 2004 legal settlement. Even in an uncertain economy, the Racky property is expected to draw much interest.

For more, see $3M foreclosure judgment issued against building with Wrigley rooftop club.

(1) A very long time, indeed!