There are 3,200 unfinished McMansions sitting in a suburban Los Angeles neighbourhood, where developers spent more than $150-million (U.S.) to build sewers, grade lots and pave roads for an upscale development, only to see the market crash.

These homes are at the heart of the real estate meltdown and Toronto-based Brookfield Asset Management Inc. (BAM.A-T22.710.542.44%) recently bought this Riverside, Calif., development out of bankruptcy – for 20 cents on the dollar.

see entire post here