While slated to be foreclosed upon, again, in July, the courthouse auction for the infamous seven-bedroom home at 224 Sea Cliff Avenue was canceled the day after we highlighted it and the notice of default on the property, which was issued by a senior lender in February, has now been rescinded as well.
And having been on the market for $19.675 million back 2016, foreclosed upon by a junior lender last August and then returned to the market, having been quickly “cleaned up” and listed as a “beautiful blank canvas ready for renovation” with “HUGE potential” for $17.5 million this past September, 224 Sea Cliff Avenue has just been listed anew by a Southern California broker for $15.375 million, positioned as “an opportunity to create a JEVEL property worthy of go into Architectural Digest could it be 25 or 30 Million when done absolutely,” all verbatim, and touting: “Formerly had celebrity-resident.”
Despite being cleaned up and reduced, the blank canvas has yet to sell.
And the Sea Cliff mansion, which comes with a private walkway down to the secluded beach cove below, is now slated to be foreclosed upon again next week with a published opening bid of only $4.8 million!
But as noted by a plugged-in tipster, it’s another junior lender that’s leading the charge this time around and there appear to be seven (7) senior debt obligations and/or liens that the “winning” bidder would assume, debts which had been estimated to total over $15 million, not including the $1.2 million that was lent by the party that’s now attempting to foreclose, last year.
We’ll keep you posted and plugged-in.