Lennar Family of Builders and the 122 condos that Pier Pointe Living in Venice Beach were promised to be seem dead in the water as of the last two months. The only people that seem to be working on the building these days are taggers … the work crews have all vanished and the building sits vacant. What up with that?
Update from our pal Dakota over at LA.Curbed.com:
Pier Pointe Auctioned Off Today
Friday, May 15, 2009, by Dakota
Details are very fuzzy on this one, but two different sources confirmed that the under-construction Pier Pointe condo complex in Marina del Rey was auctioned off today in bankruptcy court. There were five bidders; the winning bid was $39.25 million, but it’s not clear if the court accepted that bid. Last we heard, CIM/Lee Homes had taken over the project, but that info was wrong, according to our tipster. (And Lee Homes was never involved in the actual bidding.) “CIM cratered a month ago-now suing to get back their deposit,” he writes. “New auction held today.” More to come…
