2807 Steiner Street

The Pacific Heights home of the infamous Arden Van Upp, who had already been bounced from the dilapidated Bourn Mansion by way of a bankruptcy sale back in 2009, was foreclosed upon this afternoon.

As we first reported about the pending sale a couple of months ago, the two-unit building at 2807-2809 Steiner Street, which Ms. Van Upp purchased for $145,000 in 1971 and had a long history of liens and mortgage defaults going back to at least 1990, was used as collateral, along with another Van Upp owned building at 1019 Ashbury Street, to secure a $5.5 million mortgage from the Northern California Mortgage Fund IX LLC last year.

And with an opening bid of $3,500,000, the two buildings were foreclosed upon with a winning bid of $6,061,164.41 in cash on the courthouse steps about an hour ago.

There’s no official accounting of the proceeds from the aforementioned $5.5 million mortgage of which we know.

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Comments from “Plugged-In” Readers

  1. Posted by Denis

    I saw a morose looking Arden being escorted away earlier, so I figured it was over. For my own karma’s sake I wish her well. Good luck to the buyer. I wonder what will happen to the tenants?

  2. Posted by wcsf

    Well, on a positive note, the city tax collector coffers will increase from about $2,500/yr to about $72,000/yr.

  3. Posted by Incline JJ

    “And with an opening bid of $3,500,000, the two buildings were foreclosed upon with a winning bid of $6,061,164.41 in cash on the courthouse steps about an hour ago.

    There’s no official accounting of the proceeds from the aforementioned $5.5 million mortgage of which we know.”

    The overage goes to the home owner. Normally it’s the amount paid at the courthouse steps minus the face amount of the foreclosed Trust Deed. The opening bid has nothing to do with this. Title on this property was really convoluted with all the refinancing. In some cases you have to file suit and ask the court for a quiet title lawsuit, to clear things up.

    • Posted by david m.

      interesting way of becoming a multi-millionaire (assuming she has the sense to hire counsel to work it out for her).

      • Posted by Denis

        Yeah, I have what they call the questions.

        So Arden borrows 5.5 MM from the bank, doesn’t pay it back, files for bankruptcy. The bank takes the houses, sells both for 500k over the amount of the defaulted loan. Bank wins. Arden pockets the millions and doesn’t have to pay her creditors. What am I missing?

        We think they’ve cleaned out the meth lab in the lower unit. Yes, the police have know about this for years.

        Arden is really missing on a chance to turn her life story into hit Bravo series about an octogenarian slumlord who deals meth to keep her crumbling real estate empire afloat…staring Dame Judi Dench as Arden. Emmys for everyone!

  4. Posted by Incline JJ

    Denis

    We are talking about two different things.

    I am talking about when the house sells at the foreclosure sale on the courthouse steps.

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