From the Bakersfield Californian:
Crisp mansion repossessed after failing to sell at auction
By VANESSA GREGORY, Californian staff writer
After two delays, real estate agent David Crisp’s lavish Seven Oaks mansion has been repossessed by the lender.
The home was up for public auction on the steps of City Hall Monday, with an opening bid of $1.8 million.
With no bidders ready to swallow that price, the 6,666-square-foot home at 10509 New Quay Court went back to the lender, identified in county records as Irvine-based X Bancorp.
Crisp defaulted on $2 million borrowed against the home earlier this year.
Crisp could not be reached immediately for comment Monday.
The home, located in one of the city’s most exclusive gated communities, was among 13 locations searched by FBI and IRS agents in September.
Crisp and his former business partner, Carl Cole, are under investigation by the FBI. No charges have been filed.
Monday, December 03, 2007
Crisp mansion repossessed after failing to sell at auction
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3 comments:
About time Crispy stopped convincing his lenders that the house was about sold and the check was in the mail.
And this is just a nice image for what all the subprimes are going to do to Bako. The Californian's Sunday story (http://www.bakersfield.com/hourly_news/story/299831.html) is ominous.
Thanks for the link, primebako. After I read stuff like that it makes my blood boil when I think about the g** d*** realtors still trying to push ridiculously priced homes onto people, as if this problem is almost over.
Does anybody know anything about "X Bancorp"? I think they made a bunch of loans to Crisp and his associates. Anyway, where's the famous billion dollar letter of credit these days?
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