While the infamous seven-bedroom home at 224 Sea Cliff Avenue, which was on the market for $19.675 million back 2016, appeared to have sold for $71,000 in a foreclosure auction last year, the “winning” bidder didn’t realize that the foreclosing party was a junior lender and the property would have come with around $17 million in senior debt and liens still attached to its deed.
The trustee sale was subsequently voided, which is a rarity, and the deed to 224 Sea Cliff ended up being taken back by the junior lender last August when a “do over” auction failed to generate another “winning” bid, a transfer that might appear as a “$50,000 sale” elsewhere.
Quickly “cleaned up” as pictured above, 224 Sea Cliff returned to the market listed as a “beautiful blank canvas ready for renovation,” with “HUGE potential,” for $17.5 million this past September but hasn’t sold.
And with a new notice of default having been filed by one the senior lien holders a few months ago, 224 Sea Cliff Avenue, which includes a private walkway down to a secluded beach cove below, is now slated to be foreclosed upon again next month.
We’ll keep you posted and plugged-in.
UPDATE (6/7): The foreclosure auction for 224 Sea Cliff Avenue was cancelled the day after we highlighted it, as noted below, but the notice of default remains. We’ll keep you posted and plugged-in.