A Los Angeles Superior Court judge assigned a new receiver to take control of Honarkar's defaulted portfolio of properties in Southern California. This comes on the heels of a June 25th Lawsuit filed by a Delaware company, Coastline Loans LLC, alleging properties controlled by the Laguna Beach, CA real estate mogul have defaulted on a $175 million loan, interest and attorney fees.
“Defendants have breached the terms of their respective obligations by various covenants breaches, including but not limited to pending court actions, material representations including but not limited to undisclosed debt, and non-payment of loan fee and interest,” wrote Coastline Loans’ attorney Tom Normandin in the complaint.
This is the third Court-mandated receivership to be appointed custody of Honarkars real estate holdings within the last year.
A Superior Court hearing is scheduled for Sept. 23 in Los Angeles.
Read full story on Long Beach Independent