This was the former mayor’s house, sold as a short sale in 2010 for $2,400,000.
It was (re)listed for $12,980,000 three weeks ago, and is now marked pending. It was probably assisted by the two La Jolla oceanfront listings that hit the market this week – both over $20,000,000. Or by Romney living next door? Maybe he picked up another piece!
Just Completed! La Jolla, CA. from Urban Green Productions on Vimeo.
How many car spaces in the basement?
One payday like that and you done LOL, nothing but umbrella drinks while sitting on the beach.
JtR, was this a total remodel or did the guy who nabbed the short sale in 2010 just live in it and then sell it this year? If a remodel did he go all the way down to the studs? Wish I could see the “before and after” photos and of yeah, get the address…
I surmise that this was hardly a traditional flip.
From $11M in ’09 to $2.4M “short sale” in 2010 to $13M in 2015…?
This had to have been a golden handshake, a family go-ahead, or some other relationship-based transaction, aided by the bank.
I’m not suggesting some Dominelli-era chicanery. It’s just that I can’t rationally imagine an owner leaving a conservative $3M on the table because he couldn’t make the payment. Someone would have thrown him/her a line for a piece of the action. There has to be something more here.
N.B.: While I’m unsophisticated on the real estate front, I have never failed to be entertained by the hubris of San Diego’s ruling class, variously including Hortons and Hedgecocks, Copley’s and Jacobs.
The short sale seller was Maureen O’Connor, who had her hands full with gambling debts and felony embezzling charges.
Ah, of course. L’il Mo.
Still, care to make odds that the short sale buyer received some sort of roller derby whip-in to the deal?
Yes, an insider deal.
It was listed in 2009 for $7,499,000 but didn’t sell.
In 2010 it was listed for $2,900,000, lowered to $2,490,000 and then marked pending – all on the same day! It closed 4 months later for $2,400,000.
“I’m not suggesting some Dominelli-era chicanery…”
I resist the temptation of believing a community is made up of exploiters, suckers, and the mugs, but then the lights go out at Lehman Brothers, and it makes the rationalizing difficult. I always feel the same way you do, though. Since my mentality isn’t about reeming my community, or someone else’s, for raw personal gain, I find it hard to believe it’s that simple when it seems to be occurring.