Wells Fargo throws upscale Malibu RAVE
September 11th, 2009 Categories: Real Estate News
SAN DIEGO- A few weeks ago I read an article about rave parties that were popping up in large 
foreclosed homes in our local area. It seems groups of young adults would scout out foreclosed homes in rural areas, “redecorate” them and advertise a party where they would charge money. Obliviously in their wake they left a trail of destruction to the homes only to be discovered later.
It only took a weekend for the $1 million home up for sale in Fallbrook to go from a pristine showcase to a dump.
Beer cans, tequila bottles and drug paraphernalia covered the ground, graffiti marred the walls, and sticky goop coated the floors.
“They trashed the place,” said Realtor Tony Ward, who was hired to sell the Tecalote Drive home before the bank forecloses on it.
The makeover, which totaled about $8,000 in damage, was the work of a “party crew” that broke into the home over the Fourth of July weekend and charged hundreds of young people $2 to $5 apiece to party there two nights in a row.
Similar illegal parties have popped up around North County this summer as people try to make a profit and take advantage of homes for sale or abandoned due to foreclosures.
Four young people have been arrested so far.
“This is a new phenomenon for us,” said Fallbrook sheriff’s Detective Jeff Lauhon, who launched an investigation after the July Fourth break-in. “It’s something we’ve never seen before.” – San Diego Union Tribune, 8/24/2009
While this is something I can understand coming from the younger crowd, this morning I read about a Wells Fargo Senior VP of foreclosed homes walking the same path.
It appears Cheronda Guyton decided that a 12 million dollar foreclosed home in Malibu would be the perfect to spend long summer weekends and host parties.
A Wells Fargo & Co. executive who oversees foreclosed properties hosted parties and spent long summer weekends in a $12 million Malibu beach house, moving into the home just after it had been surrendered to Wells Fargo to satisfy debts, neighbors said.
Residents in the gated community told the Los Angeles Times that a woman they believe was Cheronda Guyton took up occupancy at the home in May. Residents said they obtained Guyton’s name from the community’s guards, who had issued her a homeowner’s parking pass.- AP, 9/11/2009
The worst part of this story for me is that the previous owners lost the home due to the loss of investments with Bernie Maddoff.
Right now I’m reading a book (Olive Kitteridge) about an old woman who laments the fall of modern society. As a reader, you’re supposed to think she’s old and out of touch. But reading your blog posting, I feel a bit like Olive myself. What is wrong with people?
Imagine how the prior homeowners must feel reading this news. Salt in the wounds.
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