Toll Brothers (NYSE:TOL) survived the housing crash and is once again generating big profits. So how did it's headquarters in Horsham, Pa. wind up in foreclosure? Hint: It wasn't Toll's fault. Philly.com reports:
Toll Bros., the Horsham-based luxury homebuilder, recently notched its fourth straight year of record profits, with net income topping $1 billion for the first time. Sales are approaching the company’s real-estate-bubble high of $6 billion (not counting inflation) back in 2006.
But it’s another story for Toll’s suburban three-story headquarters at 250 Gibraltar Rd.
The homebuilder’s headquarters went into foreclosure last year, and Toll is looking around for a possible new headquarters site.
How did the offices of a Fortune 500 company, known for high-windowed suburban homes and modern city units, end up in foreclosure with new, mystery owners?