Reported $18.8 Million Sale Really Wasn’tJanuary 11, 2018
Having been on the market for $19.675 million at the end of 2016, the seven-bedroom home at 224 Sea Cliff Avenue appeared to have quietly sold for $18.8 million at the end of 2017. But alas, as surmised by another reader, the sale never occurred.
In fact, Brugnara Properties still holds the deed to the property. And the “sale” has now been scrubbed from Zillow, the record of which had appeared to confirm a reader’s report and story.
At the same time, 224 Sea Cliff Avenue, which was purchased by the infamous Luke Brugnara for $7 million in 2002 and subsequently leveraged, remains in foreclosure but its auction has been postponed by way of a Bankruptcy filing. We’ll keep you posted and plugged-in.
Comments from Plugged-In Readers
I am not in real estate, but what is the rationale behind putting apparently *zero* effort into staging a property you’re trying to sell for…$18M? You know, removing the children’s sandbox, basketball hoop, maybe a nice paint job?
I suspect it has something to do with the owner’s being in prison.
Was trying to find a good alternative Star Wars themed headline but couldn’t come up with anything better than “The Empire Strikes Out”. The family is still living in the home so it seemed odd that any buyer wouldn’t want the property vacant upon close of escrow.
I’ve worked on re-structuring the financing on this property both before the infamous Lucky Luke was sentenced for art / fraud / theft and selling fake Leger’s, etc. Never brokered a ‘closing’, but while his wife and perhaps all of their children may still reside there, there’s no ‘loose’ capital to do any improvements with, or even relocate to a different residence. Also, the structure is poured-in-place, framed up concrete – structural outer walls – and thens to ‘wick’ moisture thru to interior plaster – mildew / mold always at risk. But it does have it’s own – at low tide beach / cove. Perfect for Zodiac motorized raft smuggling?
Hideous ext. paint color, not much yard (front only) and not even good color / tone Spanish (barrel) tile-roof color. They’ll most likely lose at a foreclosure sale eventually.
An educated guess would be there isn’t enough money to pay everyone off. Lenders probably aren’t that happy with him.
Postponed to: 04/09/2018 by Bankruptcy
Luuuuuuuuuuuke old pal!!! He threatened to sue me many times. Fond memories.
UPDATE: 224 Sea Cliff Avenue has now officially returned to the market with a $15.0 million price tag.
Under contract. Direct ocean access private stairway to private “beach” on the Golden Gate. Needs work.
Tremendous drone shots btw at the marketing web site.
UPDATE: Infamous Sea Cliff Mansion Slated for Foreclosure, Again
Comments are closed.