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Hot Property: Designing couple buys Malibu house allegedly used for Wells Fargo party

August 17, 2010 |  7:40 pm

Bankowned
Following up on last week's report that the Malibu beach house at the center of a Wells Fargo controversy last year sold for $14.95 million, The Times has confirmed that the new owners are Bruce and Kathy Makowsky of Long Island, N.Y.

Their company, Van Zeeland Inc., which designs and imports handbags and fashion accessories, was sold two years ago to LF USA for $330 million. The couple, who remain co-presidents, both have lines bearing their names.

The bank-owned house sold after nearly 11 months on the market. It was valued at $12 million in May 2009, when its owners surrendered the home to Wells Fargo. The couple had been victims of convicted fraudster Bernard L. Madoff.

Cheronda Guyton, a Wells Fargo senior vice president for commercial properties, was accused last summer of using the multimillion bank-owned home to entertain friends and family and was subsequently fired.

The 3,800-square-foot contemporary in the exclusive gated community was listed in September at $21.5 million but had been reduced to $18 million.

Chad Rogers of Hilton & Hyland, Beverly Hills, had the listing, according to the Multiple Listing Service. Jeffrey Hyland, president of Hilton & Hyland, and Rogers represented the buyer.

-- Lauren Beale

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Photo: A green umbrella sits on the deck of the Malibu beach home in this 2009 file photo. Credit: Ringo H.W. Chiu / For The Times


 

 

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