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Oconomowoc condo site sold in foreclosure

Land and Space

Journal Sentinel business reporter Tom Daykin talks about commercial real estate and development.

Feb. 21, 2014

By Tom Daykin of the Journal Sentinel

Feb. 21, 2014 0

A portion of the Vespera at Porticello condominium development, in Oconomowoc, has been sold through the foreclosure process.

The two condo units and some undeveloped land, valued at $1.9 million, were conveyed at a recent sheriff's auction to Wauwatosa-based Waterstone Bank, according to state real estate records. The property transfer doucments, recorded Thursday, list Vespera LLC as the previous owner.

Vespera was an affiliate of Franklin-based Icon Development Corp., which are both now defunct. Icon Chief Executive Officer Jeffery Klement filed for Chapter 7 bankruptcy in 2010 after the firm ran into financial trouble.

City officials in 2006 approved the high-end Vespera development, which is on Valley Road near Silver Lake. But it had difficulty selling units when the housing bubble burst.

Since 2011, other developers have been involved in trying to revive the project.

Tom Daykin thumbnail
About Tom Daykin

Tom Daykin covers commercial real estate and development.

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Helpful Links and Resources

Check the Milwaukee Assessor’s Office website, which includes tools to look up property assessments.

Find property assessments for other communities throughout the state at AssessorData.org.

The Milwaukee Department of City Development website includes information on the city Plan Commission and Redevelopment Authority.

The Commercial Association of Realtors Wisconsin offers information on commercial realtors and real estate.

The Milwaukee chapter of the Institute of Real Estate Management serves the needs of real estate management professionals

The Wisconsin chapter of the NAIOP Commercial Real Estate Development Association aims to serve developers and owners of commercial real estate.


The Land and Space blog was recognized by the Society of American Business Editors and Writers in the blog category for dailies with circulation between 200,000 to 500,000.

The judges said, "Daykin’s aggressive reporting and accessible, explanatory writing make him a must-read for his tight-knit and highly engaged audience."

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