Here is your chance to own Herbert Armstrong's Pasadena home located at 210 South Orange Grove Blvd. The current owners are now in bankruptcy.
INITIAL OVERBID PRICE: $11,425,000
Chapter 11 Trustee: Peter Mastan
Debtor: BGM Pasadena, LLC
1. Bankruptcy sale subject to Bankruptcy Court approval
2. All offers are subject to court overbid process
3. Bankruptcy Court Case # 2:15-bk-27833-BB
4. Properties are being sold “AS-IS, WHERE-IS” without
representations or warranties
BID Deadline: May 10th, 2017 at 5:00 pm PSTCourt Overbid Auction Date: May 17th, 2017 at 2:00 pm PST before the Honorable Sheri BluebondLocation: 255 East Temple Street, Courtroom 1539 Los Angeles, CA 90012
Dorn Platz had bought the Pasadena campus to build their super high-density apartment/condo
complexes. Pasadena residents had a fit and fought them at every turn. Dorn Platz eventually went bankrupt and sold their holdings, except for Herbert Armstrong's home (their offices) and the 380 - 390 apartments (former AC dorms) where DP exec's had private on-site residences.
The new owners eventually got their plans through and the building spree began. Now the last remnants are for sale. Though this sale has a lot of baggage attached to it.
The current tenant at the property, Dorn Platz Management, Inc. has a lease in place that runs until March 31st, 2025. The lease was originally executed on March 29, 2005 for a 10 year term and extended for 10 additional years. Please note that similar ownership interests exist between the debtor, BGM Pasadena, LLC, and the tenant Dorn Platz Management, Inc. Dorn Platz holds a master lease for building with sublet tenants existing. Buyer to Verify. The lease was originally executed on March 29th, 2005 for a 10 year term and extended for an additional 10 years. Please note that similar ownership interests exist between the debtor, BGM Pasadena LLC, and the tenant Dorn Platz Management, Inc. Dorn Platz holds a master lease for the building with sublet tenants existing. These sublet tenants may also be affiliated with the debtor, BGM Pasadena, LLC. Buyer to review all leases and related documents and verify.
The spacious grounds around the house are long gone. The garage was moved to a new location next to the reflecting pool and the lawn ripped out and made into a parking lot. The backyard now has a three-story condo towering over it.
Here's the opportunity for Bob Thiel to move his HQ down to Pasadena and start a real work!
The glory days for the work have a bright future for the right buyer!