According to the San Fernando Valley Blog, GUNS N' ROSES guitarist Richard Fortus has re-listed his Woodland Hills, California contemporary home for $429,000 as an approved short sale. The house was originally listed in late 2010 at $549,000.
It was previously reported that Fortus was selling the home because he has moved to St. Louis to be close to family.
According to the Los Angeles Times, the single-story contemporary has an open floor plan, cherry plank flooring and a flat-screen television in the living room that was a housewarming gift from Axl Rose. The kitchen features granite countertops and new stainless-steel appliances. There are three bedrooms, 13/4 bathrooms and 1,500 square feet of living space.
Fortus purchased the home on May 31, 2006 for $700,000. Based on the current asking price, Fortus' lender stands to lose $271,000 not including taxes, commissions, and other related expenses.
A short sale occurs when the homeowner owes more than the current market value of the home, faces a hardship and obtains their lender's approval to sell the home for less than what is owed.
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