Business & Tech
Group That Owns $37 Million Newport Coast Mansion Files For Bankruptcy
Luxury home real estate agent John McMonigle also has stepped down as managing member of the group, One Pelican Hill North LP.
The partnership that owns a more than 18,000-square-foot mansion in Newport Coast filed for Chapter 11 bankruptcy Monday, according to an Orange County Register report.
Real estate agent John McMonigle, who is known for selling high-end homes, also has stepped down as managing member of One Pelican Hill North LP, the group that has been developing the $37 million Villa del Lago property, the Register reported.
Lender OneWest Bank had begun foreclosure proceedings on the property, which totals 12.5 acres and includes a lake and vineyard, after the partnership defaulted on a construction loan last summer, the Register reported. The bankruptcy filing will halt the foreclosure, attorney Mark Winthrop told the Register.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
McMonigle in April.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
We’ve removed the ability to reply as we work to make improvements. Learn more here
