UPDATED: 10/7/2019 – Auction has no bidders! The 1st mortgage now takes title to the Burbank Theater! After 4+ years of the foreclosure monster roaming the Theater this part of the story is finally done!
For those who know the actual origin of Friday the 13th, or only know of the Films, in either case it is an appropriate day for the next Chapter in the history of the Burbank Theater.
As we reported many times before, this property had – many – unpaid loans on it, the current owners bought the property at the court house steps in June – from the “2nd mortgage” – knowing that a “1st mortgage” still has legal claim.
What has been happening between the new owners and the “1st mortgage” between June and now is unknown, but the “1st mortgage” on September 13th, aka Friday the 13th, resumed their Foreclosure by updating their – Notice of Trustee Sale.
As shown this is the same property sale information we posted here in 2015. But now the price which in 2014 was $1.7 million on title search records, shot up to $2.35 million in 2015, and now they want a whopping $3.6 million!
Now, how does a Notice of Trustee Sale, resume after years of being cancelled – not delayed – on only 20 days notice, especially with totally new amounts – $3.6 million now? Will they really be ready to sell at the court house steps on October 7th, 2019? It all seems – to say the least – uncommon. Or perhaps even legally questionable, guess we will find out soon!
Where’s the popcorn, this story just keeps having all sorts of new twists and turns.
Will the 1st mortgage really foreclose now after delaying on and off since 2014? If they take it to auction for $3.6 million will anyone bid? (multiple records on Loopnet show the previous owners tried and failed to sell the building for $1.9 million in Dec 2014)
If a new owner really buys the property, will they try to get around the Historic protections on the Burbank Theater to keep the building history? i.e. similar to the fights we saw in nearby Cambrian Plaza with the carousel sign – or will the new owner like this current one try to actively restore the Theater?
We recently were told the Burbank Community Association was meeting with Santa Clara County about the need for cleaning up the toxic chemical property next door to the Burbank Theater, will this restart talks of Government taking these properties for the good of the community?
In 2012 many active plans were in motion to turn the Theater and surrounding areas into a large government owned community center, at the time delayed and put on hold due to budget approvals, but with the State coffers now overflowing at somewhere between $13 to $30 billion – could Government again be pondering these previously on hold ideas?