From the sales brochure: Scripps Investment and Loan Building is a 15,916-square foot office building on approximately one third of an acre located in the Village of La Jolla. The subject property boasts unobstructed ocean views in a location that would be considered, by most, to be one of the premier locations in the United States. Built in 1920, by Irving Gill, the architecture is unique and masterful.
This landmark three-story property has 44 executive office suites and collects additional income from the 30 space, secured, underground parking garage, which is located adjacent to the subject property. There are over 3,000 square feet of deck space of which 1,200 square feet is ocean view. The property also offers tenants five private decks and an elevator. Since 2002 the property has seen substantial capital improvements and an over one million dollar balcony upgrade.
La Jolla, California is located 15 minutes from downtown San Diego and is known for its wonderful beaches, cultural activities, fine restaurants and exclusive boutiques. La Jolla is known to be one of the most affluent communities in the United States yet it maintains a down to earth feel due to the beautiful natural scenery and the helpfulness of its residents.
Did you uncover what Scripps IL paid for the property and when?
“you gotta enjoy the victories, ’cause you know there’s a butt-kicking right around the corner”.
lol–that’s what we say in lending, too.
That was La Jolla Recreation Center being shown… Bishops is hidden behind bushes
It looks like Scripps paid 9.3 million in May 2004 and then did the ‘million dollar balcony upgrade’ shown in the listing. A listing that expired in 2009 asks 16.5 million: http://www.dreamhomesmagazine.com/Home133891.html
Sounds weird to say, but sub $8mm will likely be a profitable purchase down the road plus a lot of enjoyment in the meantime. Not a bad place to park some cash if you are Manchester.
A guy in Bay Collection whose trustee sale date is April 5th, is selling everything from the built-in bookcase to the pool equipment to the planted trees:
http://sandiego.craigslist.org/nsd/gms/2248010893.html
Hat tip PC!
Here’s how they do it in BH:
http://www.redfin.com/CA/Beverly-Hills/417-S-Rodeo-Dr-90212/home/6810672
I’m surprised the Mr. Bay Collection isn’t selling the kitchen appliances. Guess he’s already got a buyer for those. Mighty bold…
Why not just make that into one big mansion? The interior is beautiful, if very formal. But it’s stunning nonetheless.
That view is great too and I love the location!
That’s a funny listing! Do I see white tile in the master bath in a $2,200,000 home? I think I do.
Pass. You could get a nice home in Rancho for that. If I had $2.2 mil to drop on a home, that’s exactly where I’m headed.
Craigslist guy must have sold out because the listing was removed.
I love Harry’s. Best breakfast in San Diego. And they know my kids’ names.
clearfund, that would have been a nice purchase, huh? Have every investor spend a few days there, before renting it out to a business….
Here’s the history on this building.
1/23/1996 sold for $2,462,000 to Kenneth Smith
6/3/2004 sold for 9,300,000 to Scripps Investments with 3.3 million down and 6 million out from LaJolla Bank
6/14/2010 foreclosure sale (back to bene maybe?) $7,230,000 but unpaid debt was $10,188,909.95, Looks like Comerica Bank bought it from Asset Foreclosure service on the record, but I’m guessing Comerica had the loan out for the outstanding balance.