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Laguna Beach oceanfront estate $9.9 million in default
October 21st, 2009, 4:34 pm · 6 Comments · posted by KELLI HART, THE ORANGE COUNTY REGISTER
A home I once wrote about when it received a $6.1 million price reduction is headed to auction, according to legal notices.
The home, located blufftop at 31721 Seacliff Drive in Laguna Beach, is currently listed at $13.5 million. It has 5 bedrooms, 6 baths, 4,806-square-feet on a .32-acre lot and panoramic ocean views.
Actually, it’s practically all by itself on a large rock situated over the ocean.
The unpaid amount on the loan is a whopping $9,970,555.19.
The auction will take place Nov. 5 at the main entry area to the Placentia Civic Center, 401-411 East Champan Avenue in Placentia at 10 a.m.
To obtain information on this home, call 530-672-3033 and provide trustee sale number 5985.
If the home is not bid on in auction, it will be reverted to the bank and foreclosed.
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Good luck to the bank.
According to Redfin, the home sold for $6.2 million in October of 2003. With the market being closer to 2002-3 prices, this should be a pretty good indicator of what this home should have been listed at.
I’ve never seen such a precariously situated house. Surely the house is in danger of falling in the ocean or being hit by a wave during a storm and this should all be figured into the price. I think 6.2 million is even too much.
“If the home is not bid on in auction, it will be reverted to the bank and foreclosed.”
This statement is absurd. A bank representative has to bid at the foreclosure - it is not “reverted” automatically. And the auction is the foreclosure, so whether the bank is the highest bidder or a third party is the highest bidder, it will still be a foreclosure.
Was the blogger required to know anything about real estate before starting this blog?
Perhaps the Coastal Commission and city of Laguna Beach should buy it and tear it down to restore the coast line. This thing is like a tumor on the coast. It should have never been approved in the first place. The officials should pay for their mistakes.
litehouse