Saturday, Jan 19, 2008
June 2007: Over leveraged Real Estate Fund
Bakersfield: Crisp & Cole Real Estate, close family members and staffers have received default notices on more than $11 million in loans
A year ago, it was all about image: a Gulf Stream jet, bodyguards, a half million-dollar car, Armani suits.
Now, 27-year-old David Crisp is floating in default notices. So are family members and employees, current and former. No other local real estate agency has been hit by such a rash of defaults on large loans in recent months, a Californian survey has found.
"I will not put my head down," Crisp said Thursday. "I will not roll in the sand. There's not one day where you won't see me in the office working."
Even as Crisp celebrated his latest coup -- apparently securing tentative loan approval to build a pair of 24-story towers at CSUB -- he, his family, his business partner and his current and former employees appear to be in financial trouble.
1 Comment
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1. quiet guy said...
"Now, 27-year-old David Crisp is floating in default notices. So are family members and employees, current and former. No other local real estate agency has been hit by such a rash of defaults on large loans in recent months, a Californian survey has found."
"Crisp said some of his family's properties in default are home to relatives, while others are investment properties."
Ha ha ha ha ha! This story is good. It renews my faith in the essential goodnes of humanity. The EAs aren't malicious after all - they're just stupid.