Efforts to entice buyers for a fraud-linked and insolvent Bay Area real estate empire have met with some success, some setbacks — and uncertainty.
SAN JOSE — Attempts to find buyers for a fraud-riddled and insolvent Bay Area real estate empire have encountered some success, some setbacks — and plenty of uncertainty.
A federal judge has shoved Silicon Sage’s properties into receivership. The court-appointed receiver has launched a quest to salvage value from the collapsed and bankrupt real estate empire by finding buyers for the properties. This way, investors can recoup at least some small amount of their losses.
The property, located at 2101 Alum Rock Ave. in San Jose, was recently auctioned off for $5.5 million. But instead of raising proceeds that could go to defrauded investors, the money went to the lender to pay off part of the mortgage for the site. In Santa Clara, the receiver is attempting to sell office and retail condominium units on the ground floor of a mixed-use site at 1313 Franklin St. Deals have been struck for the purchase of six of the seven commercial units, but the purchases are yet to be completed.— a big apartment complex in downtown San Jose on Balbach Street that was sold for $53.5 million and raised net proceeds of $10.7 million.
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