Earlier this month a home went to sale on Highland Avenue in the Hollywood area of Los Angeles. For anyone who is familiar with the area, you should know Highland Avenue. When I was younger I lived in the area and we used to drive down Highland and admire the stately homes with their tall eaves, intricate brickwork and lovely gardens. Just driving down the avenue made you wonder what it would be like to be a resident of this amazing area, like some old-time movie star.
One of these homes, two stories with classic Spanish Influenced architecture was in debt for well over 2,000,000 dollars. This home went to sale at the Trustee's Sale foreclosure auction on 5/4/2016 after four postponements. The buyer had obviously been watching this one because they were ready when the time came to grab the deal at the Pomona Civic Center. The lender in First Position was owed around $1.5 Million. The other loans easily added up to over $1 Million. The foreclosing lender in First Position knew that the property was valued in the range of $1.6 Million.
To begin the auction the lender set an opening bid price $1,174,500 and the action started. The second & third loans were eliminated by the auction process, and the first loan received a partial payment for what they were owed. When the dust cleared the final sale amount was $1,280,000 and the new owner had over $300,000 in equity. They also own a piece of history.