Here’s what delayed The Mountain’s auction, “Million Dollar Listing” star Ryan Serhant was hit with a dual agency suit: Daily digest

A daily roundup of LA real estate news, deals and more for August 16, 2019

TRD LOS ANGELES /
Aug.August 16, 2019 04:00 PM

Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m. and 4 p.m. PT. Please send any tips or deals to [email protected]

This page was last updated at 4 p.m. PT

 
Victorino Noval and the Mountain of Beverly Hills (Credit: Getty Images and Redfin)
Victorino Noval and the Mountain of Beverly Hills (Credit: Getty Images and Redfin)

The Mountain of Beverly Hills auction never happened, but it might. Through legal maneuvers, deed adjustments and bankruptcy filings, the owner of the 157-acre plot of land pushed the auction to Tuesday. It had been scheduled for this week. It’s likely that could get pushed back further as the owners try to strike a deal with the lender, the estate of Herbalife founder Mark Hughes. For now, the plot of dirt that had hit the market for $1 billion remains with the family of Victorino Noval, a convicted felon. [TRD

 

A plan to build a train that would connect Glendora to Pomona just scored $806 million in financing. The Foothill Gold Line Extension Construction Authority awarded the contract to a joint venture of Kiewit Infrastructure West Co. and Parsons Corp., which will build a 9-mile extension connecting both areas. They also have the option of landing another $381 million if they extend the Gold Line by another three miles to reach Montclair. [LABJ]

 

Unlike most high-end properties for sale, this one flew off the shelf. The Lechner House, a Ruldolph Schindler-designed Historic-Cultural Monument, sold above its asking $4.8 million, just five weeks after listing. The 3,500-square-foot home in Studio City dates back to the 1940s. [LAT

 
Ryan Serhant and 416 Washington Street (Credit: Getty Images and Google Maps)

Million Dollar Listing New York star agent Ryan Serhant was hit with a dual agency suit. The buyer of a Tribeca condominium claims that Serhant allegedly“falsely inflated” the unit’s price. A lawsuit seeks $1 million in damages and names Nest Seekers international as well as Wells Fargo’s Elad Rahamim, the buyer’s financial advisor. [TRD

 

Ex-Planning Department head slapped with big fine. Michael LoGrande has been hit with a $281,250 fine for lobbying the L.A. agency he used to lead on behalf of his land-use consulting business, just months after leaving his post. The city Department of Planning reviews real estate development projects, and this is the biggest fine levied against a former city employee. [LAT]

 
GPI Companies founders Cliff Goldstein and Drew Planting
GPI Companies founders Cliff Goldstein and Drew Planting

Opponents want to stop the demolition of a Hollywood music store, but the owner does not. Amid a lawsuit over GPI Companies’ planned demolition of Amoeba Music and construction of a 200-unit tower, the store owner says he wants the project’s opponents to cease and desist. Jim Henderson said the attempt to landmark Amoeba would thwart his ability to relocate. [Curbed]

 
Ron Galperin and an overview of LA (Credit: iStock)
Ron Galperin and an overview of LA (Credit: iStock)

Los Angeles’ thousands of properties need a better manager. That was the word from city Controller Ron Galperin, who wants a nonprofit entity to develop and operate L.A.’s 7,500 properties scattered throughout the county. Many of them are vacant or underused at a time when the city is facing a housing affordability crisis and rising homelessness. [TRD]

 

Universal Music Group is expanding in Santa Monica. The music giant is close to leasing another building at the Colorado Campus office complex in Santa Monica. The lease for the 33,140-square-foot “Building B” at the campus is valued at $2.3 million per year, sources said. Lincoln Property Company and Northwood Investors own the recently-renovated, 2-acre office development. [TRD]

 

There isn’t an industry-wide standard to prevent wire fraud, but these startups are trying. Wire fraud schemes cost the real estate industry $150 million last year, according to an FBI report. Companies like CertifID use various forms of encryption, identity verification and portals to avoid methods of communication that are vulnerable to fraud. [WSJ]

 

Keller Williams is being accused of stealing tech. TPI Cloud Hosting alleged in a lawsuit that the brokerage skipped paying the bill for their services, and made off with their company prototype. In addition to $1.8 million in payment, the lawsuit seeks damages and describes Keller Williams’ strategy as “steal or copy what you have.” [Inman]

 
Donald Trump and a Greenland landscape (Credit: Getty Images and iStock)

President Trump is interested in buying Greenland. The permafrost-covered 836,000-square-mile autonomous Danish island is not currently listed. He’s not the first president to try to buy Greenland: Harry Truman tried to buy the territory for $100 million in 1946, but the Danes said no. [TRD]

 

FROM THE CITY’S RECORDS:

A developer has proposed the demolition of a two-story office building and construction of a 130,000 square foot home goods storage facility at 2215 North Gaffey Street in San Pedro. The applicant is LG Acquisitions.


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