Anyone Want To Invest In Real Estate Development?

Real Estate Tycoons Frank & Lynne Curtin are in a bit of hotwater again, this time judgment has been entered against them in Riverside County in the amount of 1.26 million for failure to repay "loans" made to them for real estate development investments.

The case is Mercury Manzano v. Frank Curtin, Lynne Curtin and Christopher Curtin, Riverside Superior Court Case No. RIC474089.

Manzano sued the Curtins for Breach of Contract; Common Counts and Fraud. Some of the allegations from the complaint:

- On May 31, 2005, Manzano lent Christopher Curtin $150,000, the loan was memorialized with a promissory note.

- On October 1 2005, Manzano lent Frank Curtin $500,000, the loan was memorialized with a promissory note.

- On January 1, 2006, Manzano lent Frank Curtin $200,000, the loan was memorialized with a promissory note.

- On September 1, 2006, Manzano lent Frank & Lynne Curtin $517,500, the loan was memorialized by a note and a deed of trust secured by property located at 2861 Chateau Way, Laguna Beach, CA.

- On September 1, 2006, Manzano lent Frank & Lynne Curtin $600,000, the loan was memorialized by a note and a deed of trust secured by property located at 21 Vista De La Luna, Laguna Beach, CA.

The Curtins failed to repay any of the notes and the Plaintiff was forced to foreclose the 2 Laguna Beach properties losing $150,000 on Chateau Way and $175,000 on Vista De La Luna.

So once the dust had settled the Curtins ran away with $1,175,000.

In the fraud claims the Plaintiff alleged that at the time the loans were made the Curtins never had any intention of repaying them and that they have engaged in similar fraudulent conduct in the past.

Another classic quote from the lawsuit "The Curtins held themselves out as experienced contractors and developers of residential properties."

Manzano won his lawsuit and now holds a 1.26 million dollar judgment against the Curtins. Lynne is going to have to sell a lot of cuffs to pay that back but it may not ever come to that as I smell a bankruptcy coming.....stay tuned.