The ACE Family has set the record straight on their rumoured financial troubles.
YouTube vloggers Austin McBroom and Catherine Paiz sat down in a new video today to address speculation that their $10 million mansion was in foreclosure following several missed payments.
Throughout the hour-long video, the couple explains they built their home from the ground up after they came across the building site. Austin introduced himself to the contractor and enquired about combining two of the houses he was building into one mega-mansion for The ACE Family— a project that took around a year to complete.
Catherine goes on to say that they later discovered the contractor they were working with was not licensed and was actually fraudulently using someone else’s contracting license to build the development. As a result, the couple claims they were screwed over by almost everyone involved in the build, including the architect and realtor.
They say the contractor cut corners and lied to them about the work being done, pocketing their money and leaving them with a house that had tons of structural issues.
On the topic of foreclosure, the vloggers allege that they initially signed an 18-month loan on the house. When that time was up, they were unable to secure a new loan from the bank as they claim were never given a certificate of occupancy for the home. Without a certificate of occupancy, the couple says they were unable to do necessary renovations to make the house safe and liveable.
They explain that their only other option at that point was to pay the remaining $8 million out of pocket, which they were uncomfortable doing as the house was allegedly falling apart, so they decided to let go of it.
The couple says they now have found a new home (that comes with a certificate of occupancy), and they plan to keep some details of their living situation more private this time around.
For a full breakdown of The ACE Family house foreclosure, see here.