Loren-Maltese's former home sold at auction

July 28, 2011 3:23:05 PM PDT
The home once owned by former Cicero town president Betty Loren-Maltese sold at auction Thursday.

Loren-Maltese, who was released from prison on a federal corruption conviction, was on hand as her former home was sold.

The auction drew more spectators than bidders and lasted just a few minutes... Before it got under way, Loren-Maltese was in good spirits, greeting neighbors and offering to buy lunch for the winning bidder.

"I'm on a very tight budget," said Loren-Maltese, "so they're going to have to consider lunch as a beef sandwich or a slice of pizza from Freddy's."

The single story, 1,200 square foot home on Austin Boulevard was put on the auction block by the government, which seized the property after Loren-Maltese was convicted of corruption.

Proceeds are going toward the $12 million restitution she owes, though Loren-Maltese is appealing.

"I'm going to keep fighting until someone listens and starts paying attention to the laws," Loren-Maltese said.

The opening ask was $200,000, but nobody bid until the price fell to $50,000.

Eventually, Mike Wolff outlasted one other bidder, winning with a bid of $87,000.

Afterward, Loren-Maltese was clearly disappointed with the $87,000 sale price. She said the home had been appraised for $225,000. She said she bought the house in 1980 for $80,000.

As for the winning bidder...

"I thought it would go for way more. I'm surprised only two people bid," said Wolff.

Loren-Maltese has known Wolff for years. His parents live next door to her former house. His father, Dan Wolff, is a high ranking Cicero police official who was apparently a one-time friend of Loren-Maltese's late husband.

Loren-Maltese now lives in an apartment in Palos Hills, but she is still popular in her former neighborhood.

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