A Massachusetts coastal property became the centre of a legal dispute after its owner took out a $3.85 million mortgage on a house standing less than 14 feet from an eroding bluff above Cape Cod Bay. John Bonomi bought the Wellfleet property for $5.5 million in November 2021, but years of coastal erosion eventually forced him to demolish the house in early 2025. He has since taken JPMorgan Chase to court, arguing that the mortgage should be voided. The case raises questions about property valuations, lending decisions and the risks of buying homes along vulnerable coastlines.
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