456 Ponderosa in Incline Village is a pretty extraordinary place, but pretty spendy for a non lakefront property. 5 Acres with spectacular Lake Tahoe views, 13,000 SF of living space. There is a video tour here. (the following video about the Ponderosa Ranch is also worth viewing!)
The property was purchased on 24 May 2000 at the height of the dot-com boom for $11,990,000. It looks like it was a cash deal.
– 6/13/2002 – HELOC $405,000. Reconveyed 1/21/2004.
– 1/5/2004 – Refi / new loan – $1,200,000, 125% Option ARM.
– 10-13-2005 – Refi $2,500,000, 6.5% adjustable.
– 6/14/2008 – This looks like a $540,000 HELOC, due in 1 year.
– 12-2-2009 – Hard money second for $1,200,000 ($1,500,000 maximum). The maturity date wasn’t stated, but looks to be a short fuse.
– 9/10/2010 – Hard money 2nd amended to extend the term to 1 May 2011. Loan amount increased to $1,450,000, and tons of fees and conditions were imposed. It is recorded as doc 3920856 if you are interested.
– 5/6/2011 – NOD filed by the hard money folks. The filing hasn’t posted yet, but it will be doc 4000858.
I think the recorded debt is about $4.5M. The house has been on and off the market since 2008 with a high listing of $12,950,000 and a low of $9,200,000 when the listing was removed in April. 11 year hold, with a minimum $2.7M loss if it were to sell at the last list price. I think there must be a lot going on behind the scenes on this one.
And buried at the end is a CommRow update! RNO has seen a lot of traffic from the Chi-town money folks lately. The sale of the garage and the mystery “programming” agreement for the train trench cover are both coming up at the City Council / Redevelopment Agency meeting on Wednesday the 11th at noon. The hearings are broadcast locally on Charter channel 213, and the city website has an on-line streaming option. The Staff Reports have been posted, and the sale of the garage is recommended. Duh. I think you might see the old Fernando cheerleading for Reno show up at this meeting, not the sniveller he has been forced to be lately.