Investors in what appears to be the Healdsburg version of Bernard Madoff got some bad news today according to the Press Democrat. Investors filing a $90 million suit against Gary Armitage will apparently get nothing from his homes... both are underwater.
His home in the Parkland Farms area was put on the market for $2.5 million but then lowered to $2.2 million when a buyer could not be found.
According to the PD the estimated value is $1.8 million well below the amount owed on the home, meaning defrauded investors get nothing.
Worse still, Zillow values the home at $1.12 million. I'm guessing even that is overpriced.
Looks like it is price discovery time for the upper-end of Parkland Farms.
Only on the market for 193 days!
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