– King’s Inn came up again this week for a Trustee’s Sale – third time in 3 months. It was once again postponed, 26 September this time. The Trustee is SO sick of this, but imagine how sick of seeing this monstrosity the residents of Reno are.
– Siena, sort of – The MSM has finally picked up on the fraud and Ponzi aspects of Bar-K, RE Loans, RE Reno, and all of the Ng family dealings. The FCC, FBI, and various local agencies are all in the chase. See the KGO I-Team report HERE. There is a lot of grave-stomping going on at the barkinbestors blog. Good work, John Robie!
– Riverboat Casino – Long’s to RiteAid to CVS to boarded up (I think I have that right). The drug store slated for this site was completed up to the shelving before liquor license and slot machine permits issues with the City slowed the opening, and eventually doomed the project. The property sold for $4.6M on 30 June to Judith Topol and quickly transferred to Warner Sierra LLC. That’s 119 SRO units that rent for $450 per month, and a 16,000 SF lease at an estimated $2 /psf/ month. I don’t know what is planned here, but the buyers put up about 50% of the purchase price.
– Topal – Are you kidding me? Isn’t this the family that just lost 3 apartment complexes at Lake Ridge, corporate buildings at Lake Ridge, and Boulevard South to Trustee’s Sales? Something like $100,000,00.00 in defaults, and some one is giving them money for a SRO? I give up.