wells fargo

Controversial Wells Fargo House in Malibu Colony Sold

Filed under: Estates

The foreclosed-on house where a Wells Fargo vice president moved herself in and threw wild parties has been sold for $14,950,000, according to the MLS. The house had been originally listed at $21 million and then dropped to $18 million.

The four-bedroom, four-bath home is located in the famed Malibu Colony and has unobstructed ocean views. It has walls of glass, and features an indoor/outdoor living space with glass pocket doors leading to the outdoors. There are state-of-the-art appliances in the chef's kitchen and the master suite has a steam shower, spa tub and large walk-in closet.

The 3,800-square-foot house drew international attention last September when it was learned that a Wells Fargo bank vice president had moved herself in after the bank had foreclosed on the property. She was fired once her escapades became public. Some local Realtors said the bank blocked showings of the home. Neighbors reported large parties being thrown at the property, including some where guests would be ferried to the house from a yacht anchored off shore. The original owners were a couple who had been duped by Bernie Madoff.

Hilton & Hyland agent Chad Rogers had the listing and is believed to have also represented the buyer. Rogers declined to comment on the sale.

Gallery: Malibu Colony Road

Tags: malibu colony, malibu real estate, wells fargo

Wells Fargo takes over Sea Island Residential Development

by Carrie Coolidge (RSS feed) —

Filed under: Real Estate Developments

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

Big Financial Firms Keep Their Jets

by Deidre Woollard (RSS feed) —

Filed under: Wings

The car companies may have gotten in trouble for their corporate jets, but as the AP reports, private jets are still flying for Wall Street's firms. They report that six financial firms that received billions in bailout dollars haven't sold off their jets. In fact they are still in use to carry executives to company events and sometimes personal trips. In many of these cases, the CEO is required to use a private jet for security reasons. AIG has seven planes but a spokesman reports they are being used sparingly. The company sold two jets earlier this year and is selling or canceling orders for four others. Citigroup's aircraft are being used a by a few executives but the execs are "encouraged to fly commercial." Morgan Stanley has two jets. JP Morgan owns four Gulfstream jets including a a 2007 ultra-long range flagship G550 model, a plane that sells for around $47.5 million. Bank of America has nine planes including four Gulfstreams. Wells Fargo owns a single jet that is strictly for business use.

While SEC rules require that publicly held companies disclose executives' personal use of corporate aircraft, the line between personal use and business use can often be hard to determine. Overall, companies are cutting back on the use of the jets for any reason that can seem frivolous. They haven't had to travel to Washington to beg for money yet but if they do, likely they'll leave the fleet at home.

If you are shopping for a jet, the picture above is from a used Gulfstream GIV-SP listed at $25.95 million.

Tags: aig, citigroup, jets, morgan stanley, MorganStanley, private jet, PrivateJet, wells fargo