LOUISVILLE, KY (WDRB) -- It is one of the most expensive real estate properties in the Louisville area.

Bit it is now in foreclosure.

Seminary Woods, now renamed Regency Tower, is a 14-story luxury high rise condominium with spectacular views all the way to downtown Louisville.

It is located on the corner of U.S. 42 and Seminary Drive.

But 49 of the 63 units remain vacant, even though the building was completed five years ago.

PNC Bank has foreclosed on the property after the developers defaulted on a $29 million loan.

The condo tower does have some very impressive amenities like a first class fitness center and an outdoor swimming pool overlooking a creek.

The problem is the building was completed just as the Great Recession was starting. So it has been difficult to sell the upscale condos.

The condo market in Louisville is still weak.

The range in price for the units at Regency Tower range from $600,000 for an 1,800 square foot unit to $6 million for the penthouse. 

The bank is asking for an independent receiver to manage the property until it goes on the auction block.

On Tuesday Risen did not return calls from WDRB News requesting an interview.

A spokesman for PNC in Pittsburgh, where the bank has its headquarters, said it does not comment on pending litigation.

The foreclosure process is now before Federal Court in Louisville.

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