June 11, 2012

Luke Feels The Foreclosure Force (As Do Lenders Number Two)

224 Sea Cliff Avenue

While the 6,375 square foot home at 130 Sea Cliff Avenue has sold for a reported $13,000,000, down the street at 224 Sea Cliff Avenue the 5,552 square foot home is scheduled to hit the courthouse steps tomorrow with $7,983,898 owed on a 2007 era first mortgage for $6,000,000.

Owned by Brugnara Properties VI, a name which might ring a few bells (or perhaps bars), in addition to the foreclosing first, a note for $11,350,000 was added in 2008.

If you see some suits on the steps tomorrow, say hello to lenders number two.

Old School Silicon Valley Wealth And San Francisco Views [SocketSite]
Brugnara Properties Headquarters Headed For Foreclosure? [SocketSite]

First Published: June 11, 2012 9:30 AM

Comments from "Plugged In" Readers

It boggles my mind that banks are willing to give $6,000,000 mortgages. If you can't pay cash for a house this expensive, you can't afford it, the ongoing maintenance, the property taxes, the Downton Abbey-esque servants, etc.

If a bank is this stupid to write such a big mortgage, I'd be fine with that, provided once the bank goes in to financial distress, it was allowed to shrivel and die like the incompetent nincompoop it is, and not receive a taxpayer bailout.

We live in a world of privatized gains and socialized losses.

Posted by: DataDude at June 11, 2012 9:50 AM

i live in the neighborhood and this place is a dump. it all makes sense now. clearly the guy was never meant for the neighborhood. i will be happy once this gets foreclosed on and the new owners gut it and clean it up.

Posted by: momonthego at June 11, 2012 9:56 AM

Now this is a property that could fetch 50% of $13M. There will be no cash bidders for this place on the courthouse steps. This is one of the few remaining homes on this block that hasn't gone under a massive MM renovation. Only 3-5 more and that stretch of ocean front real estate will be fully transformed. I'm trying to think of some join the dark side joke but I'm not that creative right now.

Posted by: eddy at June 11, 2012 10:17 AM

Is that a basketball board painted on the front of the house?? That's classy.

Posted by: Palms at June 11, 2012 10:46 AM

"the guy was never meant for the neighborhood" is possibly the snobbiest thing I've read on this site. Oh dear, clearly one of the hoi polloi... glad they'll be heading back to Lake St where they belong...

Posted by: James at June 11, 2012 12:01 PM

@ James
this site is full of inflated egos.
I'm sure residents of the Upper East Side would scoff at such a pedestrian neighborhood.

Posted by: sf at June 11, 2012 1:28 PM

DataDude,

To hell with 6 mil. That's not actually entirely ridiculous for a market like this. I sort of agree with the "if you can't afford it, you can't afford it" thing, but there's more to it than that.

What boggles my mind is that some ninny wrote an 11+ mil second knowing that 6 was already there. What were they possibly thinking? Who did they ask for the appraisal, the former owner of 830 El Camino?

So, someone pulled $17 million out of this place within a two year stretch. Jeez. I suppose I'd just hang around until they kicked me out and then chuck the keys at them too. They can afford to buy a pretty nice place all cash now I guess.

Posted by: justme at June 11, 2012 7:52 PM

Sale postponed to June 18th

Monday
6/18/2012 2:00:00 PM
Address: 224 SEA CLIFF AVENUE

City: SAN FRANCISCO
State: CA
Zip: 94121
County: San Francisco
APN: 10-1307-001S-01
Sale Status: Postponed to 06/18/2012
(Trustee's Discretion)
TS Number: 20100015004574
ASAP Number: 4246380
Notice of Sale Amt: $7,983,898.03
Opening Bid Amt: 0
Sold Amt: 0
Sale Location: At the Van Ness Avenue entrance to City Hall, 400 Van Ness Avenue, San Francisco, CA 94101

Posted by: inclinejj at June 12, 2012 11:12 AM

let me clarify the statement "the guy was never meant for the neighborhood"

no snobbiness intended. simply the house stands out like a sore thumb. every single house on the block is maintained impeccably. this one isn't. chipped and peeling paint. sunbleached rotting toys on that front deck. if that makes me a snob, whatevs!

Posted by: momonthego at June 12, 2012 1:35 PM

momonthego -

I knew what you meant. Sea Cliff is so meticulously maintained that the few houses that aren't really stand out.

Posted by: Jane at June 12, 2012 5:18 PM

The courthouse sale of of 224 Sea Cliff Avenue has been postponed to 07/18/2012.

Posted by: SocketSite at June 18, 2012 10:56 AM

Luke has lived in Sea Cliff longer than 90% of his Sea cliff neighbors and "belongs" there more- so than any newbee, as Luke has completed over $2B of commecial real estate deals; according to records he purchased his house in the 90s from Cheech Marin...losers have hated on Luke for years because of his success...

Posted by: scorercard at September 18, 2012 11:17 AM

I saw Luke and his kids playing basketball at his house yesterday, I guess he found a way to pay the $18M...ha ha ...the annoymous losers/cowards that hate Luke so much for his success should say to his face what they are thinking about him..

Posted by: scorecard at November 16, 2012 1:28 PM

I saw Luke and his kids playing basketball at his house yesterday, I guess he found a way to pay the $18M

While the auction has been postponed, 224 Sea Cliff remains in foreclosure and is currently scheduled to hit the courthouse steps on 12/10/12.

Posted by: SocketSite at November 16, 2012 4:28 PM

looks like a negotiated workout to me......you guys at Socketsite really are sad haters....anonymous/cowardly haters...

Posted by: scorecard at November 16, 2012 7:25 PM

Socketsite should be carefull what it writes....libel lawsuits are very expensive to defend and lose..ask Joe Francis about his $40M judgement when Wynn sued him .....224 Sea Cliff is not "hitting the courthouse steps" nor is it scheduled for "auction"..nor does Luke "Feel the Force" from anyone....Socketsite will feel the force from Luke though....annonymity is a glass shield.

Posted by: mjp at November 17, 2012 9:16 AM

popcorn time!

Posted by: jack at November 17, 2012 12:51 PM

That's odd that SocketSite tries to target Luke Brugnara...what is the connection between the owners of Socket Site and Luke?? did Luke evict SocketSite from one of his office buildings, or do your wives have a crush on him????...lol....Luke has lived in Sea Cliff for longer than anyone on that cliff; I know because I work for him....as much as you wish for Luke's demise it will never happen because Luke is a winner.

Posted by: mjp at May 22, 2013 4:11 PM

Yeah, what is this horrible obession SS has with Brugnara's multi-million dollar foreclosures?!? I mean don't you think you are over doing it with a post in 2008 and a post in 2012? Seriously mentioning his name more than once every five years is a clear sign you have a grudge against him!

Posted by: Rillion at May 22, 2013 4:42 PM

Luke Brugnara has never had a foreclosure on any property he or his businesses have owned. Luke has completed a mind-boggling $2B worth of commercial real estate deals in SF and LV since 1992....Luke is certainly the most successful commercial developer San Francisco has ever had.. he currently owns one of the best corners on the Las Vegas Strip, right next to Wynn Resorts..that site alone is worth over $550M!!

Posted by: mjp at May 23, 2013 7:50 AM

Then why can't he pay his mortgage?

Posted by: R at May 23, 2013 8:13 AM

You guys at Socket Site know nothing about Luke or business....Luke's mortgages are all current and he has paid in full lenders more than $1B of commercial loans since 1992..the people who own and write for Socket Site are very ignorant about business. Your very fortunate Luke hasn't sued Socket Site and its principals for libel.

Posted by: mjp at May 23, 2013 9:34 AM

Having been postponed by way of beneficiary request, a trustee sale for 224 Sea Cliff Avenue is currently scheduled for 6/3/13 (TS#20100015004574).

We're not targeting Luke nor do we wish for his demise. Roughly 69 percent of scheduled foreclosure auctions in San Francisco were cancelled in 2012 and the auction for 224 Sea Cliff Avenue could be as well, but for now, it's still listed as Active in the system as outlined above.

Posted by: SocketSite at May 23, 2013 10:09 AM

This is exactly why Socket Site is going to be sued for libel by Luke Brugnara. There is no foreclosure scheduled June 3rd, nor is there a foreclosure scheduled for any date at all on this property...I just phoned up the trustee and confirmed this fact (I suggest you do the same)....your inaccurate information and the libelous title to this thread is further indication of your intent to libel Luke Brugnara ...I can inform you that suing the principals of Socket Site for libel are on Luke's "things to do list". I suggest you delete this libelous thread immediately.

Posted by: mjp at May 23, 2013 11:52 AM

Is he going to sue Zillow too? Cause I just looked on there and they are libeling him by saying this property is in "pre-foreclosure" as well.

Posted by: Rillion at May 23, 2013 12:22 PM

So how much does a reputation management service cost?

and do you get paid by the word, by the post, or is it a flat fee?

Posted by: Diemos at May 24, 2013 9:23 AM

I don't know, but it seems to be working. The editors keep deleting my posts!

[Editor’s Note: Stick to the facts, there’s no need to fan the flames.]

Posted by: Jimmy (No Longer Bitter) at May 24, 2013 9:48 AM

Online reputation is a pain to restore. But I'd say restoring your reputation is just like fixing your credit: the best cure is always prevention.

Posted by: lol at May 24, 2013 10:25 AM

What is hilarious here is that in his "defense" of LB mjp is actually doing the opposite by reawakening an old thread that most people had long forgotten.

Posted by: The Milkshake of Despair at May 24, 2013 10:39 AM

The scheduled foreclosure auction for 224 Sea Cliff Avenue (TS#20100015004574) has been cancelled and there are no other auctions scheduled for the property.

Posted by: SocketSite at May 31, 2013 1:08 PM

Looks like the one year rule takes effect.

Address: 224 SEA CLIFF AVENUE
City: SAN FRANCISCO
State: CA
Zip: 94121
County: San Francisco
APN: 10-1307-001S-01
Sale Status: Cancelled on 05/20/2013

Posted by: Inclinejj at June 3, 2013 8:24 AM

you guys are idiots...the $11,350,000 2nd TD is paid off in full and reconveyed, the first is not in foreclosure, and all the property taxes are paid...stop being so envious of Luke...

Posted by: mjp at June 6, 2013 9:51 AM

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