On December 22, 2020, the bankruptcy Trustee completed three sales of its real estate holdings located at
10080 W. Sunset Blvd. (also known as 141 S. Carolwood Dr.),
10060 W. Sunset Blvd., and
10100 W. Sunset Blvd. in Los Angeles, California
to three private entities for an aggregate cash purchase price of $88,000,000.
Here’s a link to some info on the property:
https://www.zillow.com/homes/10060-W-Sunset-Blvd-Los-Angeles,-CA,-90077_rb/95699619_zpid/
These sale transactions took place pursuant to three purchase and sale agreements, each entered into on December 17, 2020. The Company considers these properties to have been among the most significant assets in the Company’s residential real property portfolio and believes that the completion of these transactions represents a substantial step in the progress of the Company’s asset liquidation activities.
For those not familiar with California, real estate transactions aren’t fast – after there’s a contract (for sale) the property generally goes into what is called ‘escrow’ then several steps occur, etc. So these were very fast clean transactions! I’m guessing another distribution will be coming soon.
Lessons Learned from the Woodbridge Scam 
Thank you GREG
LikeLike
nice little Christmas gift for us all
LikeLike
Thanks for the info, Greg. Happy New Year to you and Paula.
Louise
Sent from my iPad
>
LikeLike
good news indeed. more good news soon I think.
LikeLike
Has anything been done regarding legal action vs law and bank firms that assisted Shapiro ? Do u think anything will come of such efforts? Any prediction when the Trust will complete sales? Much thanks.
M
LikeLike
i do think the various lawsuits against the lawyers will result in cash (via mediation)
LikeLike
Can’t wait I need the money now, I am 80 years old and I hope I get all the law me before I die.🙏
LikeLike
🙂
LikeLike
Thank God🙏
LikeLike
more listed for sale too. low %rates will help this effort to sell!
LikeLike
Will we be getting another check for 2021 and when
LikeLike
i will try to do some sniffing with two sources on this … but my guess is early Feb. for another distribution
LikeLike
Will there be another distribution in 2021
LikeLike
my best guess is early Feb. just a guess.
LikeLike
Kudos to you Greg for keeping us informed….we are grateful for the updates you have faithfully provided. Our heartfelt thanks to you!
Ray Halle
LikeLike
its been a fiasco for us all; but there’s progress
LikeLike
$88 million sounds good, but what was paid for them when Woodbridge acquired them?
LikeLike
$90 million I believe
LikeLike
Hi. Any news on what percentage of the money we lost we will get back after everything is settled. And any news on lawsuit against comerica bank & other lawsuits
Thanks
LikeLike
the lawsuits have basically gone on ice in that most courts stopped doing business all together due to Covid. Trials couldn’t proceed b/c jury(ies) couldn’t be called.
So the case is still there, I’m sure small motions/efforts are occurring but the big picture is to force Comerica into facing a jury – that’s when they will settle with some $.
Like everything else these days … waiting on Covid
LikeLike
Hi Greg,
I am so happy I came across your blog as I am also one of the many victims of Robert Shapiro. I am a little confused about the three properties sold that you are referring…..here is the Zillow information:
1) 141 S. Carolwood Drive aka 10080 W. Sunset Blvd (House) – SOLD for $31,000,000 on 12/23/20 * SOLD for $90,000,000 on 9/16/2016.
2) 10060 W Sunset Blvd. (Vacant Land) – SOLD for $45,000,000 on 12/23/20 * SOLD for $90,000,000 on 9/16/16.
3) 10100 W Sunset Blvd. (Vacant Land) – SOLD for $31,000,000 om 12/23/20 * SOLD for $90,000,000 on 9/16/16.
Seems as though the total sales from these three properties would have been $107,000,000 not $88,000,000. Is that correct?
I am also confused on the price Robert Shapiro’s company paid for all 3 properties as it looks like each property was paid at $90,000,000. Were these properties split from the original sale from one into three?
I look forward to hearing back from you. Thank you so much for your time.
Warmest Regards,
Lisa Olson
LikeLike
It was 3 addresses but one ‘estate’ … referred to as Owlwood. Shapiro paid $90 million hoping to subdivide and profit. But yes it sold at a slight loss at $88 million late 2020
LikeLike
Greg have you heard of any more dollars coming our way was hoping maybe since real estate market was rallying that we could get a little more it’s been to long with no funds .Joe
LikeLike
not a word
LikeLike