There are trustee sales every day. 11 to 14 years ago there were thousands every day in California. Why is this one interesting?
- The property is in Bel Air and the estate includes 105,000 square feet, measured.
- It was once listed for $500,000,000.00 and the default listed is for $165,000,000.00.
- A receiver is currently working to finish the building. It ain’t done.
- The total debt has been estimated at over $165m.
- Several interesting names: Nile Niami, Hankey Capital, Joseph Englanoff.
- Final note; the developer filed a Chapter 11 Bankruptcy on October 27.
More on the story here. Stay tuned.