In November 2022, the most expensive home sold in Pasadena was 100 Los Altos Dr. This luxury estate was initially listed for $13,000,000. After a month, they reduced the price to $11,500,000. Two and a half months later, they again reduced the price of this luxury estate to $9,980,000. Meanwhile, just another month later, another reduction to $8,900,000. Two and a half months later, they reduced the price to $8,200,000. After another two months, there was a final reduction to $7,500,000.
As a result, it took three hundred and ninety-two days to close. The bankruptcy-forced sale is similar to a probate sale requiring court confirmation and overbidding. This is the Girardi Estate. Additionally embezzlement charges loomed over the attorney owner. His wife is Erika Jayne of Real Housewives of Beverly Hills fame.
This luxury estate sold for $8,000,000. The buyer appears to be an investor and paid all cash.
Market remarks for 100 Los Altos Dr., Pasadena:
Sited on nearly two acres. It is in a prominent position overlooking the iconic Colorado Street Bridge. The estate is located at the gateway to Pasadena between the Arroyo Seco and Annandale Golf Club. Enter off the private drive, past the iron gates, and into the motor court. The grandeur of the architecture is immediately evident in the impressive facade. A solid bronze front door welcomes guests into a dramatic walnut-paneled gallery and conveys old-world opulence.
The Property is under contract at $7,500,000.00. An auction will occur before the United States Bankruptcy Court for the Central District of California. Before the Honorable Barry Russell on October 18, 2022, at 10 a.m. Any person interested in submitting an overbid on the Property must attend the hearing or be represented by an individual with authority to participate in the overbid process. The initial overbid amount will be $7,525,000. Each additional bid is in $5,000.00 increments. Overbidders must deliver a deposit to the Trustee’s counsel through a cashier’s check made payable to ‘Jason M. Rund, Chapter 7 Trustee,’. In the amount of $375,000.00 (the ‘Deposit’) and proof of ability to close escrow unconditionally in a form acceptable to the Trustee at least seven calendar days before the hearing. Overbidders must purchase the Property on the same terms and conditions as the Purchasers.
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I didn’t realize how similar bankruptcy sales were to probate sales. Seems almost identical to me as a layperson. I’ve read a lot of posts here about probate but not so much about bankruptcy. As always thanks for the education