30751 Fox Run Lane in San Juan Capistrano is the featured property of our post by the same name, “30751 Fox Run“. In that post dated December 4, 2009, we guessed that 30751 Fox Run Lane would go back to the bank at foreclosure auction. Well, we guessed right. On December 11, 30751 Fox Run Lane went back to the bank for the opening bid of $4,000,000. The owners were asking $5,900,000 as an equity sale, but no one found it worth even $4,000,000 at the auction and no one bid. I guess they were asking a bit too much in the equity sale. The published bid was $5,217,185 which was the amount owed on the construction loan. It seems there was also a 2nd for $230,000. I can not help but wonder if the 2nd lender was also a partner/friend. If so, not any more. Can you imagine loaning a builder $230,000 in November of 2008 and in December of 2009, the court says, “Sorry, you will have to sue to try and get your money”? Ouch! And how smart would you feel finding out that the borrower stopped paying on the construction loan about the same time you loaned him the $230,000?
Oh well, it is a pretty house. And up till now, at least the front yard was being maintained. It will be such a shame if the new owner, Alliance Bank, does not keep the sprinklers functional.