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.

Published by Greg W. Anderson

CEO and founder of Balanced Financial Inc.

22 thoughts on “$88 Million Sold!”

  3. 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

    Like

    Reply

  10. 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

    Like

    Reply

    1. 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

      Like

      Reply

  11. 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

    Like

    Reply

    1. 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

      Like

      Reply

Leave a Reply

Fill in your details below or click an icon to log in:

Gravatar
WordPress.com Logo

You are commenting using your WordPress.com account. ( Log Out /  Change )

Google photo

You are commenting using your Google account. ( Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. ( Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. ( Log Out /  Change )

Cancel

Connecting to %s