The most expensive home for sale in Orange County was put back on the market last Friday. The Villa de Lago was originally the brain child of luxury real estate agent John McMonigle before he lost the contract to market the project.

Image via Lansner.OCRegister.com

McMonigle, for years the top Orange County agent in terms of dollars, purchased the 12.5 acre piece of land in 2003 in order to construct the ultimate home. The property now consists of a three story, 17,000 square foot Tuscan manor, a one-acre lake, a tennis court, vineyard, stable and 17 car garage. McMonigle had been hard at work marketing the tremendous project while supervising the construction of the compound. Unfortunately for McMonigle, however, the housing market took a turn for the worse.

The real estate crash caused McMonigle, his wife and two other other business entities to file for bankruptcy. Lenders then foreclosed on McMonigle’s Villa de Lago, office building and other properties and McMonigle left his role as Villa de Lago’s general partner in May. He insists that the construction of the home is nearly complete.

The $37 million dollar property is currently being listed by Hôm Real Estate Group’s Rob Giem and Michelle Queyrel. The home is being sold as is requiring the owner to spend the extra cash to complete the construction. Giem and Queyrel will spend $50,000 marketing the property and will receive a 3.75 percent commission as a part of the terms of the listing agreement. The listing agreement runs out December 27, 2011.