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Northeast Dunmore land foreclosed upon
| Monday, Jun 16 2008 6:45 PM
Last Updated: Tuesday, Jun 17 2008 7:25 AM
Lenders foreclosed on a 79-acre patch at the southwest corner of Morning and Paladino drives in northeast Bakersfield, county documents recorded Friday show.
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The graded land was once planned for residential development by a subsidiary of Sacramento-based homebuilder Dunmore Homes Inc., which has two other troubled Kern projects ensnared in a complex pair of bankruptcies.
Wachovia Bank repossessed the land from Dunmore Westport LLC, the company created for what would have been a 281-home development.
Dunmore Westport owed more than $9.7 million on what was originally a $20 million loan taken out in 2006, paperwork filed at the Kern County Recorder’s office shows.
The company is also delinquent on more than $164,000 worth of Kern County property taxes at the site as of Monday, records show.
Another Dunmore subsidiary, GSJ Co. LLC, is in default on 144 vacant acres immediately north of the Westport site. Some 373 homes were once planned for the GSJ land.
Defaults and foreclosures have hit many other would-be developments in the same general area north of Highway 178, mostly east of Morning, since the housing market tanked.
Dunmore’s third local development is the partially built Dunmore Diamond Ridge tract in southwest Bakersfield at McCutchen Road and Mountain Ridge Drive. That property is in default on a $32.5 million construction loan.
The company is undergoing a liquidation bankruptcy in Sacramento.
Former owner Sidney B. Dunmore, who sold the once-prominent firm shortly before it failed, later filed for bankruptcy protection himself. The cases are both working through the court system.
In other default news, Highway 58 Properties LLC defaulted on a $5 million loan borrowed in August 2006 against about 464 acres east of Mojave, documents recorded Friday show.
The company is managed by Carlos D. Michan of San Diego, state business filings show.