WellsFargo

Wells Fargo takes over Sea Island Residential Development

A residential development that was part of the same company that owns Sea Island Resorts off southeastern Georgia's Atlantic coast, has been taken over by a subsidiary of Wells Fargo & Co.

Wachovia Bank (now part of Wells Fargo) took over the deed from the Sea Island Company for the Frederica development, a 3,000 acre residential community with home sites ranging from two to five acres, in mid-November. The loan for the property had been made by Wachovia, which merged with Wells Fargo in December, 2008. The transfer of the deed was a private transaction and not a foreclosure. The other assets owned by the Sea Island Co. are not impacted by the transaction.

"As the lender to the Frederica development, Wells Fargo has been working closely with the Sea Island Company to explore options for the property that would serve the needs of both parties and the community," says Wells Fargo spokesperson, Elise Wilkinson. "As a result, Sea Island has transferred ownership of Frederica, including the club property, to affiliates of Wachovia Bank, a Wells Fargo Company."

"We don't anticipate any changes in the short term," adds Wilkinson. "Ultimately, Wells Fargo will seek to sell the property to a new owner that is equipped to recognize the long-term potential of Frederica."

During the transition, the Sea Island Co. will continue to provide professional on-site management. "Wells Fargo will ensure the Frederica property is operated in a professional manner," says Wilkinson. "This is something that is very important to us." Wilkinson added that she doesn't anticipate any changes in the short term that would impact members or homeowners at Frederica.

The Frederica development is located on St. Simons Island and includes a Tom Fazio-designed golf course, deep water river frontage, a 400-acre fresh water lake, salt marsh and wooded views.Property sites currently on the market include a two acre undeveloped home site with expansive lake views for $1.7 million. A 5,600 square feet home (still under construction) on 2.4 acres with 5 bedrooms and 6 bathrooms is currently on the market for just under $5 million.

The Frederica development is a few miles from the world-renowned Cloisters resort, also owned by the Sea Island Co. The Cloister was the site selected by President George Bush to host the G-8 Summit of world leaders in 2004. Sea Island Resorts stretches along five miles of private beach and has served as an unrivaled Georgia luxury resort destination since 1928.

Sea Island Resorts consistently ranks high on lists of best spas, resorts and golf destinations published by such leading publications as Golf Digest, Golf Magazine, Travel + Leisure, Conde Nast Traveler and Mobil Five-Star. In addition to the Cloister at Sea Island, the development includes the Lodge at Sea Island Golf Club and the Sea Island Golf Club which has two 18-hole championship golf courses.

The Sea Island Co. has been owned by the Jones family since its inception in 1928. Alfred W. "Bill" Jones, III currently serves as its chief executive officer and chairman of the board. Jones is the fourth generation of his family to lead the company.

Merry Tipton, spokesperson for Sea Island Co., had no comment.

The Frederica development is the latest victim to troubled economic times. Earlier this month, Amelia Island Plantation, the 1,350-acre luxury enclave overlooking the Atlantic Ocean in northeast Florida filed a voluntary petition for Chapter 11 bankruptcy protection.

Tags: cloisters, Frederica, sea island, SeaIsland, wachovia, wells fargo, WellsFargo

Wells Fargo Malibu Colony Party House Officially Listed

by Deidre Woollard (RSS feed) —

Filed under: Estates, Crimes and Misdemeanors

Remember the Wells Fargo Malibu Colony house we discussed a few days ago? It's the one where Wells Fargo senior vice president Cheronda Guyton moved in her family for a summer of fun weekend parties after the home was surrendered to the bank. At the time we had heard that the home was listed at around $12 million but Curbed LA alerts us to a shiny new listing and a groaner of a new price, $21.5 million. Hilton & Hyland agent Chad Rogers has the listing. Curbed asks why, given the scandal, Wells Fargo chose one of the showier stars in the Los Angeles real estate firmament. I suppose that the bank figures it many as well take advantage of the flurry of publicity and get the house sold.

Gallery: Malibu Colony Road

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Tags: cheronda guyton, cherondaguyton, malibu colony, MalibuColony, wells fargo, WellsFargo

Foreclosed Malibu Home Is Sweet Temptation For Bank Exec

by Deidre Woollard (RSS feed) —

Filed under: Estates

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

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

No Wynn For Wells Fargo Employees

by Deidre Woollard (RSS feed) —

Where would some top mortgage officers head to relax in Las Vegas? Where else but the Wynn and Steve Wynn's new even more luxurious hotel Encore? Unfortunately for those Wells Fargo & Co. bankers that trip isn't going to happen. The bank quickly canceled plans to host a Las Vegas employee conference once the government in Washington found out and started asking questions. Wells Fargo received $25 billion last year from the U.S. Treasury and once the Associated Press revealed the plans for the event the flood of criticism was swift and brutal. The bank quickly changed its mind. This follows the recent move by Citibank not to take possession of their new private plane and a move by Bank of America that canceled all employee-incentive trips.

Las Vegas is a popular destination for conferences of this nature and the cancellation of this trip and other less high-profile gatherings has Las Vegas Strip hotels singing the blues. Wynn Resorts Inc the owner of the two resorts that the Wells Fargo employees were to stay at recently announced it would cut the wages of its salaried workers in Las Vegas and reduce work weeks for its full-time hourly employees to avoid cutting jobs.

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Tags: encore, las vegas, LasVegas, wells fargo, WellsFargo, wynn