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$30 Million Beach Estate In Default

By
Real Estate Agent with TIM LORENZ - Elite Home Sales Team DRE# 00919781

$30 million beach estate on ocean front in Laguna beach known as Villa Rockledge a family compound is in default.  It is not only in default but has a date set for the foreclosure auction. 

The home was built in 1921 it sits over the sand on a bluff, it sits on a 1/2 acre lot and has the main home and six villas.  Over 12 bedrooms  with 9 bathrooms.  The compound was first listed in 2009 for $34.9 million. 

The Wall Street Journal did an article on the home titled, "A Castle by the Sea".   The home was purchased in 1973 for $420,000.  The unpaid amount on the loan for Villa Rockledge is $6,212,511.04.  If the owner cannot come up with the lenders payment in full it will be auctioned June 30th. 

Once again the mortgage meltdown is not just some individules that were first time home buyers.

Comments (10)

Ellen Dittman
Watson Realty Corp. - Middleburg, FL
#1 Stop for NE FLA-JAX/OP 904.535.1199 (TEXT OK) r

What a place it must be! Would love to see pictures.

Jun 27, 2010 10:23 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

It is truly a beautiful place with its own salt water pool that fills at high tide.

Jun 27, 2010 11:34 AM
Matt Grohe
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003

Sounds like maybe they should have at least tried a price reduction!

Jun 28, 2010 04:54 PM
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

I agree with Matt how stubborn can someone be anyway.

Jun 28, 2010 06:16 PM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Matt,

It is true that someone was not a good salesperson it they could not convince the homeowner that they could come out of this with cash and their credit.

Jun 29, 2010 02:22 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Mark,

It does sound as though their is something really wrong here.

Jun 29, 2010 02:23 AM
Ross Quintana
Real E Smarter - Spokane, WA
Real E Smarter Real Estate Coach - 509-362-1966

Yeah, I know the high end market may be slow, but this may be an example of not having the right consultants helping them.

Jul 02, 2010 05:25 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Ross,

You are correct the correct person on the job makes a big difference.

Jul 02, 2010 05:30 AM
Not a real person
San Diego, CA

As you said, it wasn't just first-time home buyers. It was people wanting to use their houses as cash machines for vacations, new boats, new cars, jewelry, the latest hi-tech gadget, and on and on and on.

Happy Independence Day!

Jul 04, 2010 12:27 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Russel people used their homes also to invest in other homes and stocks.

Jul 04, 2010 03:52 AM