Thursday, July 10, 2008

The Crest At Memory Lane

Kip Skidmore has been having a lot of trouble lately. First, he defaulted on $4.6 million remaining on a construction loan to build The Crest at Sierra Creek in Antelope. Then, his construction company defaulted on a $3.3 million loan to build a place called Silvertip. Both Bank of the West and Umpqua are suing Kip Skidmore and Sixells Construction for foreclosure over these projects.

Welcome to lawsuit number three, which was brought on July 3rd by Intervest-Mortgage Investment Company, a subsidiary of Sterling Savings Bank, over a property in East Sacramento called The Crest at Memory Lane. According to the neighbors, construction stopped about four months ago, and by the looks of it, the place is falling apart. I took these pictures today so the "highly experienced staff" at Intervest can see what they bought with their money:


Wadin' In said...

This is a most unfortunate experience for Kip Skidmore, who is a stand up guy. I gently advised him not to get involved in these deals in 2006, but the first one turned out nicely and is a huge success (The Crest Apartments in Fair Oaks). Maybe I should have grabbed a 2x4 and really got his attention.

It is my opinion that Sixells is the goofy player in this game. They are the development entity that lead the charge on this stuff. They went thru the same conniption fits in the early 1990's and clearly did not learn from their mistakes. Skidmore's mistake was investing his money with what appears to be bumbling idiots at best, very shadey characters at worst.

I wish the best for Kip. He has done a lot for the Sacramento community over the last 30 years. He falls into the same class as John Leonard who built the West Sacramento condo project that went back to the bank earlier this year. They both build good product and got nailed by the market downturn.

... said...

Don't know him but it looks more like he is the silent investor who is covering everybody's a**. He is not Sixells but happens to be a commercial contractor?

Linked into the lawsuit and the lender named even the landscape maintenance company - battling most of the subcontractors also.

Max, I don't think you're covered by freedom of speech here.

Max said...

Max, I don't think you're covered by freedom of speech here.

Everything I posted is in the public record. Is there something I'm missing?

Bryan said...

Nope. You're good. No potential for libel. Nothing confidential or private (which is not to say embarrassing). No danger to national security. Nothing "obscene," (although the buildings are naked...).

This is not unlike any article one might read in a periodical. I'm not seeing the potential for trouble.

2cents said...

Memory Lane @ Fulton? I wouldn't call that East Sac.

Anonymous said...

If it's at Fulton (and from the public records, it certainly looks that way), it certainly ain't East Sac or even in the city itself. Not for the first time do bloggers need a Sacramento geography lesson. I had a commenter on another blog calling FOLSOM (the city) East Sac. I mean, is it so hard to find a freakin' map that tells you where the major parts of town are?

BottomFeeder said...

Welcome to Lawsuit NUMBER 4. Skidmore is also being sued by a Mark M. Garay Revocable Trust for over $2 million. Apparently he guaranteed the payment of rent on a land lease where Sixells was going to build another project. One of the posters on the SacBee website said that Mr. Skidmore also owns 5 rental properties in Fair Oaks that are all in default. Hope he does not use the Bank of Sacramento money to bail him out.

BottomFeeder said...

Looks like ol Skippy finally is beginning to pay the price. The Bank of Sacramento has booted him from the Board of Directors and stripped him of the Chairmanship that he bought with his investment in the bank. It seems that they were tired of having their reputation tarnished by Skidmore who refuses to honor his obligations to other banks that lost money on loans that he guaranteed.