Foreclosed Malibu Home Is Sweet Temptation For Bank Exec

by Deidre Woollard (RSS feed)
Sep 11th 2009 at 4:01PM

I was ready to sneer at the Wells Fargo & Co. executive who helped herself to a foreclosed Malibu beach house that she was supposed to oversee but then I got a look at the property. Such temptation! I can understand why the woman might have been tempted to invite a few friends over to the $12 million beachfront home.

The owners, who had lost money in Bernie Madoff's Ponzi scheme, surrendered their fantastically-turned out estate in the pricey enclave of Malibu Colony. The secure community provides a welcome retreat for celebrities, movie execs and other affluent individuals. The fantastically wealthy area functions a bit like a small town where everyone knows each other. Residents in the community noticed the Wells Fargo exec throwing parties in the home and wrote down the license plate number of a Volvo sport-utility vehicle they say was parked in the home's garage. A check of state motor vehicle license plates by the LA Times found the vehicle was registered to Wells Fargo senior vice president Cheronda Guyton.

The 3,800-square-foot, two-story modern home is not on the market but the property website lists it as price available on request.

Gallery: Malibu Colony Road

Tags: foreclosure, malibu colony, MalibuColony, wells fargo, WellsFargo

Filed under: Estates

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Reader Comments (Page 1 of 1)

Maricar McFunder Sep 11th 2009 6:30PM

A very elegant house that truly brings you in awe, modern yet close to nature, how i wish i've this one...

You can also try to look at this: http://bankownedbuffalo.com

Unknown Sep 11th 2009 7:57PM

Wow! That is a really ridiculous story of real estate sleuthing... Sweet pad, though.

Ameth Sep 12th 2009 9:32AM

Beside being on the front beach area, its one of the worst house on malibu i've ever seen- awful, tasteless: vegas. I dont see how one sane person could possibly buy a 3,800-square-foot, two-story modern home for 12 Millions.It's not even made by a designer !