I've got a major update on the Lenny Dykstra
situation. According to legal documentation filed at the Ventura County Recorders Office, on July 9 at the Ventura County Courthouse the trustee will hold an auction on the courthouse steps for the baseball-player-turned-almost-mogul's home in the Lake Sherwood area of Westlake Village. As you may recall when this was our estate of the day, this home was originally owned by hockey god Wayne Gretzky who reportedly spent $30 million creating the home. Bidders at the auction will need to match the money the Dykstras owe Index Investors
in the approximate amount of $900,000 (in certified funds naturally).
There are two other smaller lien holders who have first right of refusal to bid on the $900,000 and there is also a mortgage of around $13.1 million with Washington Mutual. If these loans are paid then the new owner would be subject to the first mortgage loan from Washington Mutual (now Chase) and unpaid property taxes of around $275,000. This way the owner might be able to avoid obtaining a new loan (no easy feat in the current lending climate which tends to frown on jumbo loans).
The Dykstras paid $18.5 million for the home in mid 2007. The six-bedroom neo-Georgian home in the Lake Sherwood Country Club has a guest house, carriage house, tennis courts, pool, spa and gym on 6.69 acres. The home was designed by architect Richard Landry and has a home theater, billiards room and formal decor. The 14,000 square foot home is filled with arches, ornate plasterwork and chandeliers in every conceivable spot. The pool and spa are surrounded by trimmed hedges and look out over Lake Sherwood. It had been priced as high as $25 million at one point. You can check out the listing pics from last year below or head to a special site Index Investors has set up
for a more in-depth view of the property. It is a magnificent confection of a home and one that Dykstra must be sad to lose. Last year's New Yorker profile
had Dykstra proudly showing off his expansive abode.
Getting a gander at the property before the auction might be a little difficult. This is no ordinary auction and no ordinary owner. HBO is scheduled to run an update on June 23 following up on Bryant Gumbel's story last year on Lenny Dykstra's success
as a "remarkably successful stock investor and consultant," Oh how a year can change things.
In another wrinkle in this complicated case, Dykstra is suing the company that built the home. The Ventura County Star reports
that Dykstra's attorney, Victor Jacobovitz has alleged that the home has mold, leaks and other problems. Dykstra's complaint was filed in Ventura County Superior Court at the end of May and he is seeking damages for lost use, diminished value, lost rental income and relocation costs.