December 14, 2009
Foreclosure Bankruptcy And Bidding Scoop
A plugged-in tipster provides the inside scoop with respect to the pending bankruptcy sale of the landmark Bourn Mansion (2550 Webster):
...[they] had to find a trustee for Chapter 11 so all previous bids were thrown out. Now the trustee has ratified an offer and an overbid schedule has been made, so now the overbid and sale approval will take place on December 22. Overbidders must have offers in by no later than December 17, 2009 at 4:00 pm and the first minimum overbid has to be $2,550,000 (the list price is $2,900,000).
So you've got a few days.
And once again, our candid peek inside for those who haven't had a chance to tour.
∙ The "Plugged-In(side) Scoop" And Candid Peek Inside: 2550 Webster [SocketSite]
∙ Landmark Bourn Mansion (2550 Webster) Listed And Your Peek Inside [SocketSite]
∙ Bourn To
Run Party: A San Francisco Mansion Of Ex-Glory And Dreams [SocketSite]
∙ The Bourn Foreclosure (2550 Webster) [SocketSite]
First Published: December 14, 2009 4:15 PM
Comments from "Plugged In" Readers
Posted by: stucco-sux at December 14, 2009 6:37 PM
My bet is in Arden's corner.
Posted by: J.P. at December 14, 2009 6:47 PM
I keep thinking there is an opportunity to to buy this and gut it; and remodel it with total disregard to the historic element. Maintain the facade and dwell the rest. Maybe add a story to get a better view.
Posted by: eddy at December 14, 2009 8:20 PM
Editor, what's with all the strikethroughs on this site? This is a bankruptcy, no? Am I missing something? The constant use of strikethoughs on the site is confusing it's like saying "I love/hate you" (with hate in strike).
[Editor’s Note: It was a pre-foreclosure sale (since stricken or struckthrough...), it’s now moving forward as a bankruptcy.]
Posted by: dr.who at December 14, 2009 11:13 PM
I think this, the Belli building, and a few other ripe ones out there could all be bought together, left as is, and then be featured in an exclusive tour of "Old San Francisco", back when sex and drugs were not something you had to hide. I can see the design of the tour bus now -- can you say Partridge Family?
Posted by: Kurt Brown at December 15, 2009 12:29 AM
Me too. I'll put my money on Arden. She's the Eveready Bunny of SF's upper-strata forclosures. There are many more innings left in this game.
Posted by: jon at December 15, 2009 2:42 AM
There are many more innings left in this game.
That will test the apparent patience of omfg, since the consequence of more innings must be more strike
Posted by: Debtpocalypse at December 15, 2009 8:50 AM
Maybe add a story to get a better view.
There's zero chance of that gettting entitled. It's on the historic register: http://www.sfgenealogy.com/sf/history/hgreg.htm
This house is great for a wealthy end user who doesn't mind a shadowy lot, a small garage, and not having the famous view that every other big property has around there. Someone who simply loves the house, basically.
Posted by: anonn at December 15, 2009 9:17 AM
This is a BK auction and not a foreclosure...right? So, just who is the title holder to this property....Arden? Who is declaring BK and/or is this involuntary? Sorry for all the questions....this situation is far from clear. This site deserves clarity.
For the record, I have grave doubts that this sale will go thru.
This is beyond a story, it´s more of a saga or epic tale. It´s the stuff I live for.
Posted by: jon at December 15, 2009 9:41 AM
Technically it still is in foreclosure, but in practice the bankruptcy court won't allow the trustee's sale to go since there is equity that could go to other creditors.
Posted by: whatever at December 15, 2009 10:15 AM
For sure it's an opportunity in this foreclosure situation
Posted by: Kevin Simpson at December 17, 2009 6:36 AM