New owners of the Burbank Theater recorded.

Burbank Theater as we hope it will be soon!

On June 17th @ 2:23pm – the County of Santa Clara recorded – Mariposa Productions LLC – as the new owners of the Burbank Theater!

What happens next, is a good question, as we see they took ownership, acknowledging the building still has $2.7 million in unpaid loans against it.

Updates will be posted as they become public.

Foreclosure Sale, June 12, 2019!

Bankruptcy Case, failed.  On May 28th, 2019 the case started by one of the owners was dismissed.

As was previously published nearly a year ago, – the 2nd mortgage (NOT the 1st mortgage) is auctioning the building, therefore this sale is “pursuant to the legal claim by the 1st mortgage”.

Per “The Foreclosure Co, Inc.”, current schedule, puts the auction of this building at 10am on June 12th, 2019.

A couple of changes, but no legal updates.

November 11th, 2018 – For Rent signs are removed, from corner shop and lights are on.

December 2018 update, we see a couple of changes on the building, but have no legal updates.

Last month on the 11th of November, we noticed the corner shop’s “For Rent” sign was gone; and the unit had been cleaned up, new paint, workers broke down the wall between 2 of the units, making what appears to be maybe a small restaurant?

Hard to tell, but so far it’s been a month and no one has moved in.

Bankruptcy is good it seems.

For rent signs on every window August 20, 2018

As we reported previously 1 day before the Burbank Theater was to be sold at public auction on August 15th, the owners of the property declared Bankruptcy – again. The husband previously declared bankruptcy in 2012, and now the wife has declared bankruptcy this time.

But there appears to be some good from this, as of August 20, 2018 we saw for rent signs pasted into all the windows of the downstairs spaces. And then more importantly some workers have showed up to clean up or fix some of the problems with the property.

As shown here, the large amounts of trash, weeds, foliage, etc.  Have been cleaned up for the first time in years.

Rear of building clean, no more trash, weeds, etc  October 1, 2018

We even recently saw someone working on plugging the leaks in the roof of the lower retail shops.

Workman appears to be applying roof tar to fix leaks. October 2, 2018

So while we continue to wait and see what will happen with the Burbank Theater, at least for now, it seems that the foreclosure the 2nd mortgage started in April 2018, has gotten the owners to start doing some critical repairs and keep the building from becoming a blight.