Former Bank Of America CEO Ken Lewis Sells His South Carolina Beach House At A Loss

After five years on and off the market, former Bank of America CEO Ken Lewis has finally sold a beach house he owns in a private community in Spring Island, South Carolina, the Wall Street Journal reports.

The home sold at a loss: Lewis had purchased it in 2002 for $3 million, and wound up selling for "close to" its current asking price of $2.495 million, the listing agent told the Journal.

Lewis, who left the bank at the end of 2009, had slashed the price on the vacation home several times. He co-owned the home along with Dennis Thompson, the founder and CEO of Charlotte, N.C.-based restaurant operator Firebirds International.

The pad has three bedrooms, marsh views, and was once featured in Architectural Digest.