U.S. District Court for the Southern District of Ohio has ordered the auction of a luxury home in the eclectic Venice neighborhood of Los Angeles to recover a portion of a $9.4 million fraud case involving a former Root Inc. executive.
LOS ANGELES and VENICE, Calif., Feb. 27, 2024 /PRNewswire-PRWeb/ -- Auctioneer Richard Kruse, president of Gryphon USA Ltd. will manage the online auction with Tyler Hagerla of Coastal Premier Properties for the pristine, custom built, four-bedroom, 3,316-square-foot home at 2543 Walnut Ave. in Venice.
Bidding on the home will begin at $750,000, a fraction of the $3.3 million price former Root (NASDAQ/GS:ROOT) chief marketing officer Brinson "B.C." Silver paid in 2022.
The opening bid "is so incredibly low compared to the last selling price," said Kruse. "We expect high interest from those yearning to live the L.A. lifestyle with ease of access to the Southern California beaches."
The home features a ground-level master bedroom and panoramic views of Venice and surrounding L.A. neighborhoods from the private rooftop deck.
The home also sports a solar panel system for sustainable living and a flowing, indoor/outdoor lifestyle for the winning bidder.
A gourmet chef's kitchen shines with a sizable island to prepare meals amid custom cabinetry and high-end Viking appliances. Take the dinner to a private backyard sanctuary, featuring a pristine pool and spa for relaxation and entertainment.
"It's a magnificent property in the midst of the arts, shopping and dining mecca that is Venice," Kruse said.
The first of two open houses unveiling the property takes place from noon to 4 p.m. on Saturday, Feb. 24 with a second public showing on Saturday, March 9 from noon to 4 p.m.
Those interested can find additional information at www.VeniceCAAuction.com. The online auction, open for bidding now, ends March 16, 2024 at 1 p.m. Pacific Time.
The property is offered as-is with a 10 percent buyer's premium. Brokers are welcome, with pre-auction offers also considered.
Closing must take place within 30 days of court confirmation of the winning bid.
Second time around.
The property marks the second time Gryphon USA and Coast Properties have sold a property tied to the Root fraud lawsuit against Silver.
Silver plead guilty in late November after admitting to theft of more than $10 million.
The Gryphon/Coastal duo sold a 3,844-square-foot luxury home in sale in Ramona, Calif. (San Diego County) late last year through a similar online auction. The property sold for just under $1.5 million after 211 showings and 49 registered auction bidders.
For more information, contact Richard Kruse at 614-774-4118.
Media Contact
Richard F. Kruse, Gryphon USA, 1 6147744118, [email protected], www.gryphonusa.com
SOURCE Gryphon USA
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