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Crisp commercial building repossessed
| Thursday, Dec 27 2007 12:31 PM
Last Updated: Thursday, Dec 27 2007 12:31 PM
A Stockdale Highway office building real estate salesman David Crisp bought in April has been foreclosed on.
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David Crisp
Carl Cole
Earlier this year, Crisp said the $2.5 million building would serve as the sales office for a luxury condominium project he and one-time business partner, Carl Cole, had proposed to develop on the Cal State Bakersfield campus. Cal State ended project negotiations with the former Crisp & Cole Real Estate agency principals in July.
In August, the office at 8800 Stockdale Highway went into default.
Crisp owed more than $2 million on two loans borrowed against the 10,000-square-foot space on Thursday, when it was put up for public auction on City Hall’s steps.
The property was repossessed by the lender, the Los Angeles-based Lone Oak Fund LLC, after no buyers responded to the opening bid of $1,534,000.
Crisp did not return a voice message asking for comment Thursday.
In September, federal agents searched 13 Bakersfield properties related to the now-defunct Crisp & Cole agency.
No charges have been filed, but the FBI investigation is ongoing.
As of early December, associates of the former Crisp & Cole company had defaulted on more than 100 properties, according to an ongoing Californian tally of public records.
So far, at least 62 have been foreclosed upon.