September, 2010
Less than 2 months ago, the 5,000 square foot condominium at the Atalanta on 25 North Moore was auctioned off for $5.5 million by Eastern Savings bank. However Dash’s ex wife, Rachel Roy overlooked this fact and has decided not to leave the property, in turn the buyer, Mr. Stasis’ of One Platinum Company LLC is taking Ms. Roy to court to evict her.
According to Stasis, Ms. Roy continues to inhabit the apartment, ignoring requests and demands from him and his reps. Even though they are entitled to a vacant apartment, she has ignored them by continuing living there. The terms of sale from the foreclosure state that the property was sold "as is" with the physical order and condition "subject to any rights of tenant and/or occupants in possession. In other words, the buyer decides whether to evict the tenant or not.
A former judge – Jay Dankberg acted as referee for the Dash condo’s foreclosure auctions – explained: "if they won’t leave voluntarily, then you have to evict them. It’s called an ejectment action."
Mr. Stasis is taking such action in court on Sept. 23. Steven Wagner, the leading condo lawyer explained that "they can’t just change the locks on the door, but whatever rights she has to stay there were likely done away with the foreclosure."
This action can take from several weeks to several years, citing a Bronx eviction case he is working on which is ongoing since 1997.
Category : Celebrities &Distressed Luxury Real Estate News
It looks like the fame didn’t save celebrities from foreclosure. Mel Gibson, a well known figure in the cinema is facing foreclosure on three of his properties in Malibu, California, after he was accused of failing to pay a $12,000 bill to the building contractors.
Mel Gibson and his estranged wife, Robyn are named in a lawsuit filed in Los Angeles Superior Court on 17 September by executives at Ramage Construction.
According to suit papers the company bosses says they were hired to build homes near the church on Gibson’s Malibu property but the received the balance upon completion and they are demanding the payment or place the properties in foreclosure.
Moreover, Gibson’s church is sharing a similar fate: A.P. Reilly Foundation – the owner of the church – is also being sued by Ramage Construction over an outstanding $200,000 invoice resulting from the construction of the church.
Contact us if you would like to avoid public exposure like Mr. Gibson received. We will conduct short sale on you distress property in privacy avoiding exposure to the media.
Category : Celebrities &Headlines &Malibu
The deadline is near and Octomom has to pay off her debt to Amer Haddadin. If not, she and her kids will be evicted from their home on October 9.
Amer Haddadin, the man who sole a residence to Octomom’s father, made public that Nadya Suleman has nonetheless to flare over this month’s $4,060 remuneration and still owes Amer a one more $3,500 for prior months.
As you might know, Amer already tried to foreclose on a residence a couple of months ago, because Nadya couldn’t compensate a $450,000 remuneration when it was creatively due behind March. At the time, Octomom’s counsel talked Amer to give her an extension until October 9, which is a few weeks away now – supposing she done her monthly payments on time.
Category : Distressed Luxury Real Estate News
Councilman Steve Neal has defaulted on his home loan and he is now in danger of losing his home just two weeks after the recommended an ordinance that would more closely monitor foreclosures in the city.
His financial troubles were firstly reported by the Long Beach Press Telegram, which published a the lender’s notice of default and sale a few days ago. Councilman and his wife, Katonja owe more than $550,000 on the 2,319 square foot home they bought 7 years ago for $300,000. The three bedroom house with a pool is scheduled to be sold Oct. 12 at auction.
Two weeks ago, Neal proposed an ordinance that would require lenders to register foreclosures and pay a fee so the city can monitor vacant properties for maintenance and code enforcement violations.
“This is designed to keep our neighborhoods intact, keep our property values up and also give the city the ability to assess fines to lenders, who are not maintaining their properties,” Neal said before the City Council voted unanimously to start drafting the legislation.
Neal and his wife Katonja have refinanced their home five times since they bought it, according to the property records. Neal was elected in April to represent north Long Beach, an are that has been hardly hit by foreclosures during the economic downturn.
He continues the line of politicians with home loan woes. Rep. Laura Richardson has defaulted on loans for homes she owns in San Pedro and Long Beach and lost her Sacramento property to foreclosure two years ago.
Category : Distressed Luxury Real Estate News
Portland Mayor Sam Adams defaulted on his mortgage past month making the third time in 14 months he has fallen behind on a mortgage.
The mayor was behind four months with its $2,413 monthly payment on a rental triplex property in North Portland’s Kenton neighborhood. This information was revealed by the default notice filed with Multnomah County by this lenders. At that time, the mayor took his first step to foreclosure.
Six days later, his lender withdrew the foreclosure, saying Adams had resolved the default. Adams had only a sentence to say: "The bank confirmed I am not on the list…"
However, Adams was in this situation before, twice in 14 months. He defaulted on two other properties: his homes and a rental property next door also in Kenton. In June, last year, Adams went four months without making payments according to property records.
At the time, Adams was overwhelmed by the cost of his legal defense regarding a criminal investigation. Later, the mayor’s lenders rescinded the two defaults, halting the foreclosure process.
Adams financial woes aren’t new. Although he has $118,000 a year as a mayor, his past is full with financial missteps and sloppy bookkeeping. He declared personal bankruptcy in 1990, swamped by medical bills and credit card debt. As city commissioner, Adams also was late three years filing his financial disclosure reports to state ethics regulators and had to pay penalties. Another interesting information revealed by the records is that Adams has steadily borrowed against his properties.
The 2,117 square foot triplex was bought by Adams in August 2006 for $349,000. A month after Adams was in his second year as a city commissioner and took out a $94,700 credit line against his home. The next month, he took out a $70,000 credit line against the rental house next door.
When purchasing the house, Adams took out 2 loans totaling 90% of the price or $314,000. In its Aug. 18 default notice, the lender said the mayor still owes $270,238 on the larger two loans. The auction was halted, as the lender rescinded six days after.
Category : Celebrities
Toni Braxon’s Nevada home appears to be listed as a foreclosure, the Move Trends recently learned. The financial problem didn’t start now, she had a bankruptcy filing way back in 1998 and she was threatened by foreclosure a year ago. TMZ reported that she was facing foreclosure on a Century City condo, in 2009.
Toni Braxton, a six-time Grammy winner and her husband Keirston Lewis purchased the property in Henderson, Nevada, for $2.6 million three years ago. Now the home is listed as a foreclosure for $1.5 million. The pictures show, that the home has been completely cleaned out. It has four bedrooms, a pool, a three-car garage and views of the surrounding desert.
Contact us if you prefer to avoid public exposure like Mrs. Braxton has received. We will conduct short sale on you distress property in privacy avoiding exposure to the media.
Category : Celebrities &Headlines &Las Vegas
Harry Sargeant, a billionaire diversified energy and shipping magnate from Florida, had better days in his life. He could take care of others’ finances, but it looks like he couldn’t take care of his.
The shadowy Sargeant, a fraternity brother of Gov. Charlie Crist at Florida State and a former finance chairman of the Republican Party of Florida, has been sued by a Boynton Beach builder.
Harry Sargeant is known as generous when it comes to funding GOP politics, but it isn’t paying attention to his courtyard: he is $500,000 behind in his payments for the construction of a $1.5 million-addition to his beach-front home, the court records reveal.
Curtis D. Meade, the general contractor asked a Palm Beach County Circuit Court to foreclose on Sargeant’s home. The property is estimated to worth $7.2 million, with its 17,921 square foot.
Work on the construction stopped last month when it became apparent, that Sargeant quit making payments, as the lawsuit alleges. The original contract was signed with Meade in June 2009. In all, the records show that Sargeant has collected seven liens from subcontractors on the job in addition to Meade’s.
Sargeant is widely believed to have been the sugar daddy who sent $10,000 checks to Jim Green, the former state Republican Chairman at a time when Green has financial woes. Green is currently facing fraud and money-laundering charges for skimming $125,000 from the party’s coffers.
Category : Celebrities &Distressed Luxury Real Estate News &Palm Beach
Laguna Beach has now one of the priciest foreclosures on the market, the years long construction project, that flirted with loan defaults a while ago.
The property – located at 31401 Mar Vista Avenue – ended up in public notices late February 2008, owing $15,137,411. The listing price was $28 million at that time and still was under construction when the loan defaulted.
Finally the property escaped the auction and disappeared from the market because the owners filed for bankruptcy, and that stopped the foreclosure process.
Then the property turned up again in public notices in May this year with an unpaid amount of $19,140,939. This is considerable more than the previous unpaid amount.
Meanwhile the construction was finished and now is listed as a foreclosure asking $19,950,000. That makes this foreclosure the fifth priciest home fore sale in Laguna Beach and arguably the most expensive foreclosed home for sale in Orange County.
The ocean-view property has a total of 11,300 square foot of living space on a 6.9 acre lot with 4 bedrooms and 6 bathrooms.
Category : Distressed Luxury Real Estate News &Orange County
Ex-Duke University basketball star Bobby Hurley is leaving the horse business he lost his 140 acre Devil Eleven Farm in Ocala, Florida. The farm was foreclosed by the lender, PNC Bank and scheduled for auction on October 5. to pay off about $3.3 million debt.
"He and his family have decided to get out of the horse business, and we’ve reached a settlement with the bank and the sale of the farm is part of the settlement with the bank," said Brian Rich, Hurley’s attorney in Tallahasse, Florida.
The bank sued Hurley and his stable in Lexington, seeking to seize 12 share in the Songadaprayer stallion the pay the $900,000 loan.
Rich commented this saying "The worked really hard to reach a resolution with the bank and this is part of it."
According to a recent report, Hurley and his wife stopped making payments on the farm mortgage and a credit line in spring last year and agreed in July 2010 not to fight the foreclosure.
In 2000 Bobby Hurley paid a million for the Songandaprayer, who was an early Kentucky Derby contender after winning the 2001 Fountain of Youth Stakes. The horse finished 13th in the 2001 Derby and entered stud in 2002.
Hurley had a serious accident and came back to play five years before retiring. In April, he was hired onto the coaching staff of Staten Island’s Wagner College where his brother Dan Hurley is head coach.
Category : Celebrities &Distressed Luxury Real Estate News
The Park City area has now great bargains for those who bid on the Accelerated Marketing Partner’s (APM) auction. This sealed bid action has 11 luxury estates with a minimum bid starting from $1.5 million to nearly $16 million.
This type of sale means private bids by a deadline. Although there are lots of auction going on right now in the area, this special auction enjoys high interest. Patrick Giblin, president-elect of the Part City Board of Realtors, said auction have become a trend in real estate these years. "Buyers hear the words ‘auction’ or ‘short sale’ and they think they’ll get a better deal. It’s a marketing scheme – they are trying to create a sense of urgency among potential buyers," he said.
This auction differs from a standard auction by hiding the other bids, otherwise is the same procedure: the bank repossesses the property and sells it at a discount in its effort to recoup some of the losses.
There is a marketing fee paid by the sellers, because this auction is advertised nationally. For those who want to bid, there is a minimum of $25,000 deposit, which is refundable if they are not the winning bidder. Those with winning bids will pay a 2% buyer premium – which on a $3 million home is about $60,000.
"These are highly motivated sellers who want to get rid of their properties, free up some money and move on," said Jeff Coe, Park City real estate agent. "I’m not aware of anyone who is participating in this auction who is in financial trouble," he added.
The most expensive property of the bunch is a whopping 15,000 square-foot estate that has been on the market for nearly $29 million. The minimum bid is $16 million. The second most expensive is a 9,657 square-foot estate with six bedrooms and seven bathrooms, and it was on the market for nearly $8.5 million.
The low end is represented by a 7,500 square-foot home in Midway that has three bedrooms and bathrooms and amenities such as five rock wall fireplaces and two gourmet kitchens. The minimum bid is $1.5 million.
Category : Distressed Luxury Real Estate News