DETROIT (AP) – The president of the Detroit City Council says he can’t afford the mortgage on his condominium and might walk away from the property.
Charles Pugh paid $385,000 for the condo in 2005 when he worked at a Detroit TV station. Spokeswoman Kirsten Ussery tells The Detroit News that a condo next door recently sold for $80,000.
Ussery says Pugh plans to surrender the condo if he can’t negotiate a lower monthly payment. He is paid $76,500 a year as a council member and says the mortgage payments have been a “struggle.”
Ironically, Pugh, the mayor and other council members are trying to get Detroit in better financial shape to prevent a state takeover.
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