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Crisp mansion repossessed after failing to sell at auction
| Monday, Dec 3 2007 1:09 PM
Last Updated: Monday, Dec 3 2007 1:08 PM
After two delays, real estate agent David Crisp’s lavish Seven Oaks mansion has been repossessed by the lender.
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FBI personel exit the residence of David Crisp home at 10509 New Quay Court Wednesday morning. Several of agents and technicians are inside the gates of the Grand Island neighborhood at Seven Oaks in southwest Bakersfield. Agents are at several sites, including the office of a real estate appraisal company, the FBI said.
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The home was up for public auction on the steps of City Hall Monday, with an opening bid of $1.8 million.
With no bidders ready to swallow that price, the 6,666-square-foot home at 10509 New Quay Court went back to the lender, identified in county records as Irvine-based X Bancorp.
Crisp defaulted on $2 million borrowed against the home earlier this year.
Crisp could not be reached immediately for comment Monday.
The home, located in one of the city’s most exclusive gated communities, was among 13 locations searched by FBI and IRS agents in September.
Crisp and his former business partner, Carl Cole, are under investigation by the FBI. No charges have been filed.
The raids followed a state Department of Real Estate complaint accusing Crisp and Cole, along with three employees, of deceiving mortgage lenders, falsifying employment information and paying employees to sign loan applications.
More than 100 defaulted Bakersfield properties have been linked to Crisp, Cole, their family members and their associates, a Californian tally shows.
As of Thursday, 102 properties with more than $62.3 million in total loans can be traced to associates of the former Crisp & Cole Real Estate agency, according to The Californian's ongoing survey of public records.
With the inclusion of Crisp’s New Quay Court home, at least 58 have been foreclosed on.