Foreclosed luxury home being used by a VP of the foreclosing bank

Foreclosed luxury home being used by a VP of the foreclosing bank


Malibu, California (CA), US
Bernard L. Madoff's massive fraud stunned some of the wealthy denizens of Malibu Colony, especially when a couple devastated by the scheme surrendered their oceanfront home to Wells Fargo Bank.

But some neighbors say the real shocker came when they saw one of the bank's top executives spending weekends in the $12-million beach house and hosting eye-catching parties there. What's more, Wells Fargo spurned offers to show the property to prospective buyers, a real estate agent said.

"It's outrageous to take over a property like that, not make it available and then put someone from the bank in it," said Phillip Roman, an 18-year Colony resident who lives a few homes away from the property.

Residents identified the house's occupant as Cheronda Guyton, a Wells Fargo senior vice president who is responsible for foreclosed commercial properties.
Bernard L. Madoff's massive fraud stunned some of the wealthy denizens of Malibu Colony, especially when a couple devastated by the scheme surrendered their oceanfront home to Wells Fargo Bank.

But some neighbors say the real shocker came when they saw one of the bank's top executives spending weekends in the $12-million beach house and hosting eye-catching parties there. What's more, Wells Fargo spurned offers to show the property to prospective buyers, a real estate agent said.

"It's outrageous to take over a property like that, not make it available and then put someone from the bank in it," said Phillip Roman, an 18-year Colony resident who lives a few homes away from the property.

Residents identified the house's occupant as Cheronda Guyton, a Wells Fargo senior vice president who is responsible for foreclosed commercial properties.
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Links: www.latimes.com
By: mlc1us

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neotrix picture
@ 2009-09-14 14:22:17
Here is the link to the California Coastal Records Project image which is shown in th LA Times article:

http://www.californiacoastline.org/cgi-bin/image.cgi?image=200802080&mode=big&lastmode=sequential&flags=0&year=2008
mlc1us picture
@ 2009-09-15 15:55:44
Wells Fargo & Co. fired a senior vice president who was accused of improperly using a foreclosed home in Malibu, Calif., for violating company policies.
http://online.wsj.com/article/SB125297404529310467.html
gordonhigh picture
@ 2012-04-21 15:05:25
The new owners are handbag designers Bruce Makowsky & Kathy Van Zeeland. The couple paid $15 million, and hey also own a home in Beverly Park that they bought for almost $23 million.

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