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Jerry J. Williams, formed chairman of Orion Bank Naples is facing foreclosure on his grand estate tucked inside Grey Oaks.
The foreclosure lawsuit was filed by Wells Fargo Bank, because Jerry Williams and his wife, Heater took out a mortgage and they still owe the lender more than $3.8 million. Fact is, they haven’t paid a cent to Wells Fargo since June last year and they couldn’t sell the two-story, six bedroom home, stretching nearly 8,400 square feet, although it has been on the market for more than a year.
When the property hit the market, the asking price was nearly $6.5 million, and now $4.95 million and it is located at 2125 Canna Way.
Looking at the Jerry’s profile at Orion Bank, maybe we shouldn’t be surprised to see him foreclosed. Williams was ousted from Orion Bank which was shut down by regulators in November 2009 and taken over by Iberiabank, Louisiana. Before he was kicked out from the bank he was accused of lying to regulators and making the failed bank appear in better shape than it was.
Grey Oaks isn’t famous for its foreclosure cases, because it’ s a rare phenomenon here, but Jerry’s case breaks the ice. Jerry and his wife are the original owners of the home here. They bough the lot 10 years ago for $700,000. The assessed value of the home is now $4.2 million Collier County records show.
Category : Distressed Luxury Real Estate News &Naples
There were voices whispering that Brittany Murphy’s home will be foreclosed. It looks like the rumors aren’t true. More precisely, Brittany Murphy’s mother Sharon Murphy is in the process of selling her 8,000 square-foot Hollywood Hills home, and she claims that already has several ‘bonafide buyers’ so there will be no foreclosure auction.
In any case, the date for an auction has been postponed to February 14. and could be pulled off again as behind the scenes negotiations to sell the property continue.
“The trustee sale has been postpone and the seller is currently in negotiation with several parties regarding potential sale,” the statement issued on behalf of Sharon Murphy says.
The possibility of a short sale is pretty high, although this is kept silent.
The asking price for the Hollywood Hills property is $4.995 million and it’s handled by Aitan Segal of Rodeo Realty’s Beverly Hills office.
The house currently has a first mortgage of $4 million and a second one of half a million the real estate records say. It has been put on the market in March 2010 shortly after Brittany died, with an asking price of $7.5 million.
Category : Beverly Hills &Celebrities &Distressed Luxury Real Estate News
California’s financial situation is getting worse every day. Even if jobs will be created at a fast pace, it is likely to do very little for the housing market, simply because the jobs being added do not have in the income potential of the real estate heavy jobs during the housing bubble.
Home prices are down and even if the nationwide economy starts recovering, California is likely to face structural problems because of looming liabilities.
Now the luxury property located at 2600 BOWMONT DR, Beverly Hills, CA 90210 hit the market. The 10,000 square feet, contemporary medit masterpiece feature 7 bedrooms, and 8 bathrooms, and stunning views. The property was once estimated to almost $17 million and it hit the market with the $8.59 million price. This means 50% drop.
Category : Beverly Hills &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
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
Alexis Bellino and her husband Jim, the newest cast members of "The Real Housewives of Orange County" narrowly averted foreclosure these days, after they got a last minute loan modification from their lenders.
Alexis and Jim defaulted on more than $80,000 in debt payments on the $4.56 million home they have owned for couple of years. The fees and penalties the delinquent amount totaled nearly $84,000 as of April and their lender, Chase Bank scheduled a foreclosure sale for August 25 at the entrance to the central Orange County Courthouse.
The couple managed to obtain a loan modification, so the foreclosure sale never took place.
"Chase Bank has been great to work with on my modification," Jim Bellino said. "The trustee sale has been canceled, and the modification has been agreed upon."
Alexis is a "32 year old spicy blond", a stay at home mom, while her husband, Jim is a self-made entrepreneur. They have three children: 4 year old James and twins Melania and Mackenna.
The property threatened with foreclosure in located in Bayshore, just one block from the home Nicolas Cage sold for $35 million two years ago.
According to the county records, the Bellinos bought the home for $4.56 million in August 2007, but the housing market collapse brought a 42% drop of their home price. Zillow now estimates the house to worth under $4 million.
The house has five bedrooms, five bathrooms and nearly 4,200 square feet and sits on a 9,135 square-foot lot.
The Bellinos have put the home up for sale two years ago, but they pulled it back in October. A notice of default filed in April said they stopped making mortgage payments since the start of the year, but as they obtained the loan modification they can stay in their home.
Contact is if you want to avoid public exposure like the Bellino family received. We will conduct short sale on you distress property in privacy avoiding exposure to the media.
Category : Celebrities &Distressed Luxury Real Estate News &Orange County
Scott Storch had the opportunity to see how is down and how is up. Unfortunately he didn’t manage to solve his financial problems, so he woke up with his Miami home foreclosed on as part of his financial meltdown.
The Villa Ferrari, Storch’s former 20,000 square-foot home on Palm Island has a 100 foot boat dock, 11 bedrooms, 15 bathrooms, 3 guest houses and two pools. SunTrust bank which held two mortgages worth a combined $7.75 million against the property, bought it back at auction for $5.5 million,although Storch had bought the home for $10.5 million, but it had been listed for $13.9 million.
The home has now a new owner in the person of Russ Weiner, the CEO of Rockstar Energy drink, who bought the property from SunTrust for $6.75 million.
Contact us if you prefer to avoid public exposure like Mr. Storch received. We will conduct short sale on you distress property in privacy avoiding exposure to the media.
Category : Celebrities &Distressed Luxury Real Estate News &Headlines &Miami
The outstanding building on the Hudson River that once had a $25 million asking price has now a new owner: it was picked up by its mortgage holder at a Manhattan foreclosure auction.
The foreclosure action was launched back in 2008 by CapitalSource Bank, which holds $18.9 million lien on the development, according to Propertyshark’s informations. George Lora, the director of CapitalSource said they intend to sell the property.
This foreclosure auction is the latest example of a very good project, born on surging demand on condos, but as the easy credit is over, and the housing market collapsed, no one is interested anymore. They say even Leonardio DiCaprio signed a contract to buy at least two floors in this project, know as Hudson Blue, but they didn’t close the deal because there were lacks of unit sales.
This condominium development was formed by Michael Yanko and Eran Conforty, two Israelis, who met in New York and developed luxury buildings focused on "superior design".
The two Israelis began to market the project as part of the "Gold Coast" on West Street, where the glass-facade buildings abutting the Hudson afforded spectacular water views. At one point one of the developer stated that they considered subsidizing a private chef for residents.
These units attracted lots of curiosity and the asking prices were somewhere between $2 million and $2.5 million.
However, the low ceilings combined with large windows in the front and back – but no views between – gave the apartments a cramped feeling. The original marketing plans didn’t work, so the two had to reconsider the strategy.
"They kept changing their minds to find something they thought was marketable," said Barbara Godson, a Halstead Property agent who showed apartments here.
In the foreclosure auction CapitalSource bid $6.8 million. This amount doesn’t reflect the real value of the property because the buyer was the lender, who held the mortgage. CapitalSource has already done the next step: they hired Grubb & Ellis to market the property, which is one of the tops in the city.
Category : Distressed Luxury Real Estate News &New York