Wayne Newton – Casa de Shenandoah
Everyone it seems is familiar with Las Vegas’ famous son Wayne Newton. Mr. Las Vegas as he is known to all near and far will go down in history for his 1970’s No4 success ‘Daddy Don’t You Walk So Fast’.
Wayne and his wife have acquired considerable wealth over Wayne’s long and illustrious career, and have much of it invested in assets which included a 38 acre ranch ‘Casa de Shenandoah’, on Pecos Road, Las Vegas, Nevada. In order to leverage other investments, the Newton’s obtained a guarantee from a friend in an application to borrow $3.75m from the Bank of America. The loan has subsequently been defaulted on to the tune of $3.35m, and the guarantor was called upon to honor the security. As the guarantee was secured by the Newton’s 38 acre ranch and a $2m private jet, the guarantor is now seeking to foreclose on the property in lieu of the $3.35m outlaid in satisfaction to the Bank of America.
Certainly it appears odd that the Bank of America was unable to secure the loan against the Newton’s property, but it may well have been a matter of cash flow and ability to meet monthly installments that was the issue at hand. In any event, it appears that foreclosure is a matter of course in light of the fact that the bank loan was left in default.
The Newton’s at this point need time to arrest the process of foreclosure and regain the financial control of their assets. Wayne still has a healthy income from performing regularly at the Tropicana Hotel in Las Vegas, and it may merely be a matter of time before the Newton’s are once again on track.
Of course, if indeed they wish to free themselves of the financial commitments they face and be done with them, they would certainly benefit from avoiding the foreclosure process due to the simple fact that the creditor will be intent on recovering their debt, rather than achieving the best possible price in the market.
If the Newton’s were to approach Eureka Luxury Short Sales for instance, Eureka would make a competitive offer to the creditor in full satisfaction of the outstanding amount. Once a short sale agreement is reached, Eureka will invest resources to market the property in a professional and forthright manner in order to attract the best possible sale price. With Eureka’s involvement, their privacy is respected and in addition, the Newton’s relationships are preserved.