Buyer found for $37 million mansion?

Luxury home agent John McMonigle said in court papers last week that he received a $32.78 million offer to buy the Villa del Lago estate he’s developing in Newport Coast.

If the deal pans out, he may be able to save the property from a looming foreclosure.

McMonigle warned, however, that he can’t gauge the strength of the offer or the buyer, who wasn’t identified. Nor did he indicate if he would be willing to accept the offer for the estate, located along Pelican Hill Road.

McMonigle added: “The value of the Pelican property at this point in time is not less than $25 million, even under current market conditions.”

McMonigle cited the purchase offer in a statement arguing against the appointment of a receiver to take control of the 12.5-acre estate, which features a 17,500-square-foot mansion, private lake, tennis court, vineyard and stables. OneWest Bank, holder of a delinquent $21.6 million construction loan on the property, is seeking to have a receiver appointed while fighting to have the property sold in a foreclosure sale.

Meanwhile, McMonigle is continuing his efforts to sell the property and pay off the loan before a foreclosure occurs.

“The appointment of a receiver to take control of the Pelican property will have a severe adverse effect on the ongoing marketing and sale efforts,” he said in his statement.

McMonigle and OneWest are locked in a dispute that began when a failed bank cut off the construction loan with about $2 million in financing still undistributed. OneWest took the loan from the failed bank.

In response, McMonigle halted monthly mortgage payments on the loan and on four others, arguing that the bank had breached its agreement with him first. OneWest filed suit to sell all five properties backing the loans to satisfy the debts, including McMonigle’s headquarters.

If the latest offer for Villa del Lago does go through, the buyer will get the property at $4.2 million below the current asking price. At one point, the estate’s price got as high at $87 million.

Source: OCRegister

 

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Tags: construction loan, debts, foreclosure, john mcmonigle, luxury home, newport coast, pelican hill, private lake, tennis court, villa del lago

Category: Newport Beach