Hankey Capital is claiming default on a Spanish Revival mansion in Brentwood, with a possible auction scheduled for the first week of January, The Real Deal has learned.
The property, located at 306 North Cliffwood Avenue, comprises two lots measuring 18,570 square feet with frontage on Cliffwood Avenue, according to records from the Los Angeles Department of City Planning. The site contains a two-story mansion that was built in 1929.
The owner is Logan Beitler, the president of commercial brokerage firm Beitler Commercial Realty Services, property records show. Beitler allegedly fell behind on $16.2 million in debt, according to a default notice filed on Oct. 9. Hankey provided a $13 million mortgage for the home in April 2020.
A source with knowledge of the situation said that the two sides are working towards curing the default.
However, Hankey is expected to push through with a foreclosure sale in case negotiations fall through. The property, described by a source as “well-collateralized,” is expected to attract “numerous bidders.”
The list of distressed luxury properties in Los Angeles keeps growing. In August, Hankey Capital filed a default notice on Stella Nova, a Bel-Air mansion that sits on a 30-acre lot. The site comes with fully approved plans for a 40,000-square-foot estate, according to a listing on Zillow. The owner of the property, an entity managed by Juliana Kirlikovich, allegedly defaulted on a $14.8 million loan.
A month later, Wells Fargo filed a default notice on 1754 North Sunset Plaza Drive, an abandoned Hollywood Hills mansion owned by John Powers Middleton, the son of Philadelphia Phillies co-owner John S. Middleton. The property was recently in the news after police arrested people on the property for vandalism. The default amount on the property was $213,942, though it’s unclear what the nature of the default is.
Beitler did not respond to a request for comment. Her company, Beitler Commercial Realty Services, has four offices in Brentwood, Encino, Irvine and San Rafael.