San Francisco investor offers $434 million for Marin, Sonoma properties in Ponzi scheme
A San Francisco real estate firm is the key bidder on about five dozen multifamily and commercial properties in Marin and Sonoma counties that are set to be sold next month to settle bankruptcies stemming from the late Ken Casey’s $330 million Ponzi scheme.
In the past few months, Hamilton Zanze & Associates has emerged as the opening or “stalking horse” bidder for a Bankruptcy Court auction of properties from Casey’s Professional Financial Investors Professional Investors Security Fund set for mid-September, according to court documents. Hamilton Zanze proposes to buy 60 of the 70 properties for $434 million in cash.
After three dozen prospective buyers reviewed the property information, five offered to buy the whole portfolio, three wanted only the apartments, and one only the commercial space, according to court filings. The debtors’ committee…