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Malibu Colony Foreclosure Blunder |
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Trying to cover up a major blunder, Wells Fargo fires a top executive in the commercial foreclosure department for using a bank-owned Malibu Colony Beach home for her personal use this past summer. Homes in this area, rent out in the summer anywhere between $50K to $100K per month!!! That's some serious coin for a potential invester trying to pick up a foreclosure before the vacation rental season.
Malibu Colony residents and local Malibu real estate agents, like myself, were a bit curious when the house had been foreclosed upon and had not gone back on the market. With a default amount close to $12M, it was clear a deal was waiting to happen.
Currently there are only 5 Malibu Colony Beach houses for sale, ranging from $9.5M to $21M, including 23660 Malibu Colony Rd, the house with which the former executive spent most of her summer.
The 4 bedroom + 4 bathroom beach house was listed last Friday, for $21.5M with Chad Rogers from Hilton & Hyland. BUT, don’t let this price scare you, because NOW it is a bank owned REO and the house was originally appraised by Wells Fargo for only $12M. This mean, there is plenty of room for a buyer to negotiate a fair market purchase price.
For more pictures please click here.
For more information on the property, please give me a call or shoot me an e-mail.
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