I went to the auction and there were about 110 people showed up. Only 10-15 people were holding “auction number” at their hand and the rest of crowd were just observer.
Last night I looked at the San Diego County records web-site and found out that these properties were sold on Feb. 2005. Price paid for these 16 properties were in the range of $950K to $1.31M.
Highest bids were in average $250K-$300K less that the sold price of Feb. 2005. As a face saving measure they called these bids “subject to approval”.
Lady who was sitting beside me told me that most people in the auction are residences of Bressi Ranch who came to see how much their properties worth. That explains sad and somber faces that I saw at the end of the auction.
Owner of these properties who are investors/lawyers from L.A. are screweeeeeeeeed.
These smart guys are going to lose $300K-$400K on each property. Lawyers, Huhhh, it could not have happened to any better groups of people.
