A Wells Fargo Malibu Foreclosure - Outrageous details about what went down ....

When I heard this story on the news I couldn't believe what I was hearing ..... It concerns a property that is estimated to be worth $12.5 Million $21.5 Million and could lease for $65,000 per month.

A Wells Fargo executive moved into a $12 million $21.5 Million Malibu beach house shortly after it was handed back to the bank, the Associated Press reported.

Apparently an owner of a house in the Malibu Colony (one of the most exclusive enclaves of homes in the greater Los Angeles area) had lost a fortune through the Bernie Madoff ponzi scheme. As a result he surrendered his Malibu home to the mortgage holder, Wells Fargo Bank.

Since the Malibu Colony has strict access control and most residents know who lives there, neighbors were curious to learn who was staying in the house on weekends and hosting parties at the multi-million dollar house.

The investigation was pretty simple. The guards at the gated community had the new resident's name on file.

One can only imagine their surprise when they learned that the occupant was non other than a Wells Fargo Vice President responsible for foreclosed commercial properties.

According to Colony residents, a woman (the Bank executive), along with her husband and two children, took up occupancy in home No. 106 in Malibu Colony shortly after the owner turned it over to the bank in May of this year.

The story goes that Wells Fargo rejected offers to show the property to prospective buyers ....

Wells Fargo declined to discuss the executive in question, saying in a statement that representatives "don't discuss specific team member situations/issues for privacy reasons."

However, the bank said it would "conduct a thorough investigation of the allegations" by neighbors.