In 2009 Luke Brugnara’s Brugnara Properties lost 351 California to foreclosure. As plugged-in people know, the building had been encumbered with a first mortgage of roughly $33 million and a second of roughly $11 million.

Yesterday 351 California sold in a court ordered auction for its stalking horse bid of $35 million ($250 per square foot for the 83 percent occupied building) as no other bids materialized. It only takes one.

Comments from Plugged-In Readers

  1. Posted by A.T.

    I guess Luke isn’t going to have that extra cash to spend in the prison vending machines he’d hoped for.

  2. Posted by EBGuy

    Wouldn’t that be a stalking trout bid?
    From the Business Times article:
    On May 26 Brugnara was sentenced to 15 months in federal prison for taking steelhead trout…

Comments are closed.

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