Levy Foreclosure Marks End of an Era?
Saint Barbara over at The Santa Barbara Housing Bubble blog did a good piece on the construction at State and Mason where La Entrada aka "Levytown" would have been. Later in the post, she mentions that the Levy's have gone into foreclosure on their Hope Ranch home which is for sale at $9.8 million. Before you begin to feel somewhat sorry for Levy, who bought this rather large home from uber-attorney Barry Cappello for only $3.4 million in 1999, Saint Barbara speculates that the foreclosure beneficiaries are members of his own family.
One has to wonder if this is a sign of things to come but on a rather grand scale....how many other people do we know that have lived and spent beyond their means? On the other hand, Levy had a dream, went for it and gave it all he had -- not many of us have the courage to do that, whether or not we agree with the developed outcome.
One has to wonder if this is a sign of things to come but on a rather grand scale....how many other people do we know that have lived and spent beyond their means? On the other hand, Levy had a dream, went for it and gave it all he had -- not many of us have the courage to do that, whether or not we agree with the developed outcome.
Labels: Levy, real estate, Santa Barbara
posted by Sara De la Guerra | 3/11/2008 05:23:00 AM
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4 Comments:
You know what, you're right. For the developers and multi-million dollar home buyers who are now facing foreclosure or bankruptcy, there may be a silver lining in terms of how much they did accomplish before the fall. Not everyone even dares to try and make something of their lives, and the fact that some people are facing foreclosure because of the failure of their dreams doesn't take away from the fact that they put everything they could into the project.
Having a vision and working hard to make it happen sounds admirable in the abstract. Still, I'm thinking you could say that about all manner of people whose lives may have made positive, or very negative, impacts.
Me, I'd have preferred to have Bill Levy a little (or a lot!) less visionary and determined to rebuild the city and make lots of money while doing so. IMHO Santa Barbara would be a better place now if he hadn't been so driven to remake the town. And who knows, a less ambitious, less driven Levy might not have gone bankrupt.
Developers and developing Santa Barbara are so yesterday. Good riddance to a bad era.
Did any of you know that that 4 story monstrosity called Chapala One that levy started on Chapala ran into financial trouble apparently due to mismanagement and was taken over by the bank.
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