Carnage at High End

This is from an Irvine blog:
http://www.redfin.com/stingray/do/printable-listing?listing-id=775175&rc=blg_irvine&utm_source=irvinehousingblog&utm_medium=blog&utm_nooverride=1

New Asking Price: $1,950,000
Old Asking Price: $2,249,000
Purchase Price: $2,206,500
Purchase Date: 6/15/2006
Address: 19 Fresco, Irvine, CA 92603

1st Loan $1,544,232
2nd Mtg. $220,600
Down payment $441,668

The seller may end up losing it all. And all this in a year. Pretty dramatic. One would think someone with half a million $ cash has a little more sense!