Auction of royalton/franklin canyon assets set for march 24, 2022 @ 11:00 a.m. pacific

At today’s hearing in Bankruptcy court, auctioneers engaged by the Chapter 13 Trustee disclosed that the auction for Hadid’s entire bankruptcy estate (encompassing Hadid’s properties in Franklin Canyon [but not Cedarbrook]) will be auctioned on March 24, 2022 at 11:00 a.m. A link to observe the action will be posted.

As described in numerous court filings, the amount of Give Back LLC’s credit bid (the potential reserve) is no less than the original $25 million debt instruments, but with added compounded interest accruing since the bankruptcy in January 2021, the actual amount is considerably higher. Thus, to successfully acquire the property, any potential third-party bidder must bid more than the outstanding debt plus the “buyer’s premium” and deposit 10% within 48 hours of the sale. More to come. Watch this space.