Case Study
In 2010, Shepherd of the Hills Church purchased a 4 acre parcel for $5M with plans to develop the site for religious or commercial use. The Seller, a recently defunct insurance company, carried a loan for $3M. The holder of the note became the California Department of Insurance trustee/receivership. The Church determined that they would not be able to follow through with a development of the site and needed to sell the property within 6 months before the loan would go into default and foreclosure. With time running out, they hired The Yahn Group to quickly assemble a sales package and market the property to both users and developers. Their efforts resulted in multiple offers with the highest bidder – a non-conforming user (a school) which required extensive negotiations with the CC&R’s, The Irvine Company, and the City of Irvine, resulting in an escrow closing within 2 days of the Foreclosure Sale.
