157 acre Beverly hills property once listed at $1 billion just sold at foreclosure auction for $100k
- Thread starter Amun Ra
- Start date
Is the buyer looking at $10 Million/year in property taxes?? Even that is "only" ~1% of the property value per year. Property taxes where I live run about 0.6% per year. I talked with one poor slob in New Jersey whose property taxes run 2.5% per year (gotta fund them public employees retirement and health care plans, you know). Shoot... the state takes almost all of any RE appreciation an owner might experience! 
There were at one time residential properties in Detroit which could have been had for $1... but carried $7,000 annual property tax.
There were at one time residential properties in Detroit which could have been had for $1... but carried $7,000 annual property tax.
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Maybe;
maybe a bit overpriced on asking price/LOL...........................................Some Beverly hillbillys don't care.
On August 20, 2019, the property was bought back by the Hughes estate for $100,000 at a foreclosure auction. According to a Los Angeles Times report on the same date, Atlanta investor Chip Dickens "borrowed around $45 million from the Hughes estate to buy the property, and that debt has since ballooned to roughly $200 million with interest and fees. Three years ago, Dickens transferred ownership to a limited liability company controlled by his partner on the project, Victor Franco Noval. . . . Unable to pay the debts, their limited liability company, Secured Capital Partners, tried — and failed — to declare Chapter 11 bankruptcy last month, which led the Hughes estate to force a foreclosure auction to either sell the property in hopes of recouping its losses or buy it back, likely losing the $200 million they were owed in the process. They chose the latter.
The lender took it back. It really didn't sell for $100,000.
He then announced that the Hughes estate, which forced the auction, had placed a $100,000 credit bid on the property, which means the money comes from the debt they’re owed instead of cash.
I see this all the time with banks taking back houses with high balances owed.
https://www.latimes.com/business/re...20/beverly-hills-the-mountain-auction-100-000
He then announced that the Hughes estate, which forced the auction, had placed a $100,000 credit bid on the property, which means the money comes from the debt they’re owed instead of cash.
I see this all the time with banks taking back houses with high balances owed.
https://www.latimes.com/business/re...20/beverly-hills-the-mountain-auction-100-000
Nothing about these Yahoo clockbait is right. ... was valued at $1 bil ??? wtf
The articles state the property was listed at 1 bil, not valued at 1 bil. Big difference.
$DEI, - easy 30%~.
Didn't caught this one tho, had to choose between it and another two. Yet, each one performed well, as well.
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