It was back in April of 2018 that we tied the eye-popping sale of 2755 Fillmore Street for $13.5 million to Michael Lacey, the co-founder of Backpage.com, and two counts of money laundering with respect to the purchase of said home.
As we noted at the time, the federal government was positioning to seek forfeiture of the Pacific Heights home.
And as noted by a plugged-in reader this weekend, 2755 Fillmore Street has been seized by the U.S. Marshals Service. We’ll keep you posted and plugged-in.
I wonder what happens when it only fetches half its 2018 price in a few months, as tech stocks just completely tank. Pinterest has lost 50% of its value from about 6 months ago. Facebook is off 25% in the last month. Does this mean Mr. Lacey has to work in the prison laundry to make up the $6.75M balance?
The U.S. Department of Justice isn’t going to sell it for “only…half its 2018 price in a few months”. Because they don’t have to. The government is the ultimate “patient investor” and can (doesn’t mean they will) wait out any transitory fluctuations in the marketplace.
It seems San Francisco is not only a tech hub but also a hub of illicit entrepreneurs. It reminds me of busting of black market Silk Road some time ago.
This whole gig economy is sketchy and usually has to be “made legal” after the fact.
How do you get the Rover out of that garage without rolling it?
UPDATE: Seized Pac Heights Home Listed with a $14M Price Tag