Bravo Real Estate Update!

Andy and Wacha Enjoy the Hamptoms

Andy and Wacha Enjoy the Hamptoms Photo: Twitter

I’ve got bits and pieces of real estate information I have been meaning to do something with for a while. I suppose the time has come. Let’s start with tamaratattles.com exclusive tea on Andy Cohen!

Andy Cohen

Andy Cohen seems very happy lately. Sure, Andy Cohen always seems happy but lately there have been a lot of interesting things going on in his life. He got a dog named Wacha and he sure is a proud parent. He’s going to the Hamptons. He is writing his next book; life is good.

Life is so good that Andy is moving on up in the real estate arena as well. Andy is in love with his  two-bedroom apartment in one of the Bing & Bing buildings in the West Village that he bought in 2003. He loves the neighborhood, and his apartment has great views.  So why would he move?  Well, he isn’t moving. What he is doing is buying an adjacent apartment and doubling the size of his current abode!  I guess those book deals are paying some major coin!  Congrats, Andy. This is the only real estate report of have with no shadiness involved. Click here for more info on Andy’s apartment! Beador Manor

Shannon and David Beador

This property is a mystery to me. When I look the address up on Zillow it says that the last purchase was in 2011 for $2,350,000.  So that would be the Beador’s right?  The listing says that the home is just under 5,400 square feet. And while it did describe the property somewhat accurately, things like the indoor basketball court were not mentioned. Clearly, there were major additions to the property since 2011. So they added on 8,000 square feet and now it is on the market again? Maybe.  But my favorite place for celebrity real estate information is The Real Estalker. According to them, theBeadors bought the lot in 2006 and hired a fancy pants contractor and the work was completed in 2012. So what was that $2 million dollar transaction in 2011? I have no idea.  What we do know is that the house was put on the market back in 2013 for $15,998,000 and has been quietly listed ever since. Then recently, they delisted and relisted again at $13,498,000. Sidenote: the fancy chandelier is specifically listed as not part of the deal.

So when the “new listing” hit the Internet we all sort of felt like it was a divorce issue. Truth be told it seems they built this house with the intention of making money on it all along. I don’t know. It’s complicated.

Yolanda and David Foster

Edited because major portions of this part of the story fell out into cyberspace upon posting.

The Beador situation is a bit cloudy; but, the Foster’s property history is clear as mud. This is the part that I have been working on and still don’t really understand. I don’t like posting about things I don’t understand, but it’s time to either run this story or drop it entirely. So I will try to tell you what I know.  One of the things that bugs me about the documents I have read is that Yo and David got married on November 11. 2011. Just bear that in mind as you try to make sense of this.

After Yo divorced Mohammed she  paid $4.5 million in June 2007 for the Mailbu property. Sort of. It was part of the divorce settlement so technically that is how much she paid Mo for the house. I would assume that there would be no mortgage involved in this transaction but I’m already confused from the overload of information on this property.  She met David in 2007 I believe.  You will need to go back and read this post for the background info.

My realtor source says that Yo did have a mortgage and took out a second mortgage (for possible construction of the studio?). In March 2010,  there were three transactions in one day. First,  David “lent” Yolanda $5.2m. Secondly, Yolanda put the house into the Foster Family Trust, the only other real estate in the trust were two condos David has been trying to unload for a awhile, in exchange, Yolanda became the co-trustee of the Trust. Third, David then uses the house to collateralize the $7.8m loan.  Yo had to sign the Deed of Trust, only in her new  capacity as co-trustee.  The mortgage specifically states Yolanda is not liable for the note, however she had to authorize using the home as collateral.

In 2013, there was a transaction for a grant deed probably because they borrowed more than the payoff on the first loan, and Yolanda (2nd lien holder) and Northern Trust (3rd lien holder) both subordinated to the Bank of America loan.  She probably pulled 3.3m in equity, that money most likely stayed in the trust.  The Grant Deed read like this:”David Foster and YolandaHadid, As Trustees of the Foster Family Trust hereby grant to David Foster and YolandaHadid, As Trustees of the Foster Family Trust, as Amended,” So the Trust must have been amended, but the percentages of ownership have not changed since March 2010; otherwise the tax assessor would have reassessed it.  The reason the Trust was amended, Only god knows :-)

Update, the tax assessor did reassess the house which is part of the problem because the house value went from $4.5 million to $13.2 million. This essentially tripled their property taxes. That’s a big increase for someone who is already needing cash for other issues, like that nearly 8 million dollar loan.

The overall point as I understand it from my sources is that the Fosters are having financial problems. This seemed obvious when David started putting his Canadian condo on the market.  It made absolutely no sense to me that Yo or David would ever sell that house. Yolanda designed it to her specifications, it’s beautiful and David built his studio there so he would never have to leave. The Fosters, somehow seem to be having a cash flow problem. Who would have thunk it?

According to my source,  if David can’t pay off  the $7.8 million note the bank sells the house.

And that my dear readers is my real estate update!

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49 Comments

Filed under Andy Cohen, Bravo, Bravo Andy, David Foster, Real Housewives of Beverly Hills, Real Housewives of Orange County, RHOBH, RHOOC, Shannon Beador, Yolanda Foster

49 responses to “Bravo Real Estate Update!

  1. Jr.Leaguer

    Would the $2 million be for the lot? Not a crazy amount for a multi million dollar home to be built on.

    • Nope Because like I said, that sale describes the kids wing with the balconies and all sort of things about the house. It doesn’t make any sense to me. The lot was supposedly bought in 2006 however that was a tiny lot not big enough for the home to be built on. Perhaps they bought the small lot in 2006 and the house became available in 2011 and the expansion was completed in 2012… I dunno​

      On Sat, May 31, 2014 at 5:59 PM, Tamara Tattles wrote:

      >

  2. beth

    I don’t think I knew the Fosters married the same day as Kim Z and Kroy.

  3. Angel

    Gosh, maybe the Foster’s need to start flying commercial. David may still be paying out to his several X’s. At least a diet of lemons from the back terrace is inexpensive.

  4. i like how andy’s place is understated. lucky he had an adjoining place to add to his. i wouldnt leave the west village either. not sure about the other stuff tho. maybe yolanda transfered her property to the trust to consolidate assets but some listing agency showed that as a sale. they would have amended the trust to include the property.

  5. Tanya

    My mind is unable to understad most of what you said.
    You have once again proven that you’re one smart chick.
    I WAS able to glean one fact..
    SOME PEOPLE ARE TOO DAMN
    WEALTHY.

  6. This entire thing is rediculous. Perhaps she should get some “older woman” modeling jobs, and he could – well, other than write music – what can he do?

    • Frappe

      So right. She could do adult diaper commercials to augment the cleanses. He could do weekends at the Holiday Inn with that big goblet tip jar.

      • MeSoCrazy

        Not so nice.. Yo isn’t that old & looks pretty dang good for her age.. David is a genius in music industry & has done very well. They may be having financial issues now but seriously who hasn’t ? My apology but some comments I just find plain mean & such hate over nonsense . Everyone is so quick to judge these people when really don’t know what’s really going on ..
        Tamara , per usual YOU ROCK!! I’ve made the switch & only read this blog now. T is super smart and doesn’t just write to write like others! Fabulous job!!!

  7. With regard to Andy Cohen, the more I see of him on the reunions, the less I like him. I used to be a fan.

    • Interesting that you say that marval99. My daughter LOVED Andy and last year he appeared at UMiami where she was attending school, She was so excited to see him. She didn’t say a word after his appearance. When I asked her she said that all he was about was selling his book. She couldn’t have been less impressed.

  8. Daniel

    A few things come mind;
    1. The last episode Yolanda told Ken, “I’m a very intelligent woman!”.. Uh.. No you’re not. Nobody in their right mind would put their home and biggest asset into a family trust with 2 condo assets that are overmortgaged condos & a lot of ex wives & kids that may later on lay claim to the family trust.
    2. Next, in one of the episodes this season, Yolanda said that Mohammed always wanted her dressed all fancy, whereas David liked her just the way she is…… David liked her just the way he met her, debt free with lots of assets.. The exact opposite of him.
    3. The sex can’t be that good. He looks like he may be a bit lazy in the sack. && for christ sake, he writes love songs!! Yolanda should not have believed everything he told her.
    4. Gigi sees the writings on the wall and figured she has to make her own money. That’s why she’s show off that @$$ in that photoshoot.
    I’m done

    • Bella

      I only agree with number one. Very true. The rest is all speculation in a hater-ish tone. I can’t stand Yo but geez you would think you were in their marriage to know what David told her and how their sex is. BTW Gigi is Mohammed’s daughter. He is still really wealthy. I doubt Gigi depends on Yo and David for a handout when daddy has more money.

    • spk

      Family trusts can’t be touched by anyone, unless they are written into the trust bylaws & pay into the trust. Blood relatives are dropped from trusts all the time, to keep them from having access. So parking your assets in one is a huge benefit & actually pretty smart.

      • Bella

        Would have been smart of her to have her own trust separate from David and possibly a joing one with separate assets. If their agreement allows the bank to sell that house based on the loan/collateral David took out on it and they fail to pay it back she loses the home and her assets are diminished. Without saying too much a relative of mine and her husband used the house and condo in their trust as collateral and now they are in a mess because they owe the bank way more than their assets. IMO a smart woman has her own assets separate from her husbands, as well as combined ones.

      • I found it odd that Yo put her property into the David Foster Family trust over a year BEFORE they actually married…​

        On Sun, Jun 1, 2014 at 7:09 AM, Tamara Tattles wrote:

        >

      • ​All of the west coast HW’s whose property information I have seen have their homes in a family trust. Vicki recently had to change hers to her own family trust that no longer includes Donn.

        On Sun, Jun 1, 2014 at 3:39 AM, Tamara Tattles wrote:

        >

      • Daniel

        Blood relatives that are dropped from a trust can wait until the settlor passes, then threaten to file a claim. All too often I see a son or daughter petition the courts to void a family trust amendment based on fraud, deceit, or lack of sound mental state. Although their claim may be frivolous, if done aggressively, the disinherited relative could freeze all the trust assets until the matter is ruled on. This will pressure the true beneficiaries to settle, and be able to continue carrying out the terms of the trust.
        It is crystal clear that the 2010 series of transactions are were carried out because David was in a financial bind.
        Rather than continue to enjoy the base Tax value of 4.5m, Yo put the house to the trust causing the tax assessor to reassess it at around 12,500,000. 8,000,000 x 1% this transaction will cost them $80,000 a year in increased taxes. In return, David was able to use the property to collateralize his 7.8m outstanding loan.
        People that intend to hold on to their property would not carry out such a transaction due to the long term tax implications. People only walk into a transaction like this because they need to. Yolanda could have easily put the property in her own trust. Then change the terms of the trust to include David, without alerting the tax man and getting reassessed and tripling the property taxes. But then David would not have been able to collateralize his outstanding loan.

    • wikunia

      Yolanda paid for her house $4.5 mil in 2007. Before she put the house into the Foster Family Trust in 2010 she received $5.2 mil from David as “a loan”. I’m guessing this loan is meant to be voided in case the bank sells the house if David can’t pay off the $7.8 million note.

      If Yolanda kept the $5.2 mil in a safe place and lived of David’s money in this beautiful house rent free…. than she’s not as stupid as she looks.

      • ​That sounds about right. I believe that Yo keeps her Mohammed money separate from her martial finances.

        On Sun, Jun 1, 2014 at 11:30 AM, Tamara Tattles wrote:

        >

  9. Angel

    Does David Foster wright songs or only accompany and produce. Whatever he does he has been doing it more and longer than Kandi. Everyone says she is big rich. As I said before, Xwives can be expensive in his world, I have no idea how many kids he has. I am sure he lives larger than Kandi, but he should be loaded, he must havr a piece of record sales from many of the big sellers.

    He must have put a lot of capital into a huge flop of some sort. Maybe something in Canada that is not in our news. Of course, you don’t hear who invests in what, unless they tell their woes. Some don’t want to look stupid, like Madolf loosers.

    • SnookumsLynn

      David’s biggest financial blunder may be his previous ex wives…alimony is expensive ya’ll!
      but private planes and LA life is very EXPENSIVE! Having homes in other countries, condos to boot…yeah, he might be a little over extended.

      I think Kandi actually lived well within her means and she seems to have a very diversified portfolio – I think she has 3 of those boutiques and now the bedroom Kandi, all that can help a girl build bigger capital!

  10. RomaReads

    Ahhh the multi million dollar problems of the rich and famous! I hope the marriages of both the Beadors and Fosters stay intact. Don’t care much about their money issues. As for Andy Cohen, I also used to have a soft spot for him but over time it has calcified and I don’t fancy him or his show anymore. I will spare you the details on why, unless you really want to know? It isn’t the least bit interesting however, which is sort of how I feel about Andy these days.

  11. Bella

    Done with Andy but good for him.

  12. Sari

    Ha!

    This was a fun read. It was nice to see AC’s abode (thanks for the link to the link, TT). Love his eclectic style.

    Shannon and that fucking chandelier. Seriously. It looks like a Liberace relic. I wonder where she’ll put it when she ends up in a three bedroom condo off the highway after her inevitable divorce.

    The Foster situation is so mysterious… Looking forward to some clarification in the future.

    … champagne wishes and caviar dreams… and shadiness all over.

  13. Valerie

    Well well well. The Fabulous Fosters have supposedly fallen on hard times. I wonder if Brandi is kicking herself even harder for siding with Yolanda as some have speculated that she just gravitates to the housewife with the most money. I suppose it makes me a bitter, hateful woman that this news made me smile. I’m going to hell.

    • I really can’t imagine the Fosters not having substantial assets. That said, that house is mortgaged six ways from Sunday and they need that overpriced sales price to dig out from under it all.

      It really doesn’t make sense. ​

      On Sun, Jun 1, 2014 at 1:55 AM, Tamara Tattles wrote:

      >

      • Valerie

        I always thought that the Fosters had substantial assets myself, but why would they be mortgaging to the hilt? Something is not adding up and that something is still making me smile. I heard Hell is nice this time of year.

  14. And there it is! Of course Yolanda is jealous and envious of Lisa Vanderpump. Lisa has a real wealth, a husband that just adores her.

    Yolanda and David are beginning to sound like a hot mess. They are living a pretentious life. Wow.

  15. Valerie

    Viv, I’m loving your theory. Keep up the good work. Tamara, please let us have this one, don’t go bursting our bubble I beg you! If this is not the truth well then I can’t handle the truth. Be gentle.

  16. Many people use their homes as bank accounts and mortgage interest for tax deductions.
    We are scrambling for our write-offs since we’ve paid off our property.
    Me to … about Andy. Not so much anymore but love his apartment.

  17. Frappe

    I guess I’m alone in my confusion about Andy’s apartment. To me it looks like a hodgepodge of stuff rather than an eclectic mix. It reminds me of the apartment of a NYC friend who furnished it with castoffs she would find at the curbs. In AC’s apartment nothing goes together and has the feel of a slightly larger dorm room belonging to a guy with arrested development. Just lots of crap and some of it very tacky. The upside is that it proves not all gay men are natural interior decorators.

  18. RVA

    I wonder… Yolanda’s health problems have anything to do with their financial situation?

    • Angel

      That may have been expensive for normal people, impossibly so actually. I think she sought out some unorthodox treatment around the world that probably is not covered by insurance. That is not something that went on year after year like many illnesses. I think those expenses are just a blip to people in their stratosphere.

    • It certainly doesn’t help their situation, RVA. She has done a lot of expensive programs trying to regain her health including in patient treatments at several places. ​

      On Sun, Jun 1, 2014 at 8:04 AM, Tamara Tattles wrote:

      >

  19. MicroOp

    I don’t have an issue with Andy. I think he has a bottom line to adhere to in order to do his job. Many viewers like trashy women like Porsha so he makes decisions off of money. It is what it is, regarding him.

    As for Yolanda well, I’m surprised. I hope he still has at least partial ownership of his song catalogue. Lucky for Yolanda Mohammad although a serial cheater doesn’t seem like the kind of man to let the mother of his children be homeless.

  20. Loved the quirky Andy for so long…plus he was from my hometown and loved the Cardinals…developed a serious case of hate for him during first the Russell Armstrong suicide then the Teresa Giudice hatefest/irrational love of the Manzo/Laurita’s. Slowly I evolved to just ZZZZZzzz’ing thru him like so many. Nowadays? Andy’s obvious disdain of late for his former fave NeNe, has got me kinda liking him again.

  21. SandyDW

    Honestly, I think she is moving because she got Lyme’s Disease from the deer ticks that came from the deer on her property. She wants to get away from an area where deer graze. She would never say that or no one would want to buy her home. She designed it and seemed to love it, though if it is worth much more now, it would also be wise to sell and make a profit…if she is in some way in need of money…to buy her daughter another horse maybe?

  22. Forgot to comment on whatever is going on with Yolanda joining the “Foster Family” trust: I think Yolanda counts herself lucky not to have joined the “First Wives Club” a la Goldie Hawn movie. All of that “My Love” bs stems from that unhappy place of thinking she would be married and set for life in the USA after bearing not 1, not 2, but 3 children with Mohammid. I think she prolly did ok in that divorce, but not in the style she’d been accustomed to, or the “prestige”. I remember actually feeling compassion for her in the scene when she visited Mohammid at their former home (?) to plan the birthday (?) party for GiGi. I swear if she called the butler by his name 1 more time, I could have cried for her, lol. It’s ok Yolanda, we get it, you know the freakin’ butler by name! And how she couldn’t take even one bite of the food.

    Sad.

    I agree with those that hope she kept whatever assets she had separate when The King rescued her from divorce-hood. I somehow kind of doubt it.

  23. cecile

    Makes sense now, Yo is hurting and hurting people hurt other people that’s why she was so nasty this season on RHOBH

    • MicroOp

      Well that is true. People that are happy generally don’t feel the need to expend energy being nasty

      • ​Or we are hormonal. I think I get way nastier than TeeCee. I’m just saying. She’s provocative… I’m sort of a bitch.

        On Sun, Jun 1, 2014 at 9:04 PM, Tamara Tattles wrote:

        >

      • MicroOp

        @ TT Or hormonal… Online. But I doubt you’d systematically attack a woman in your everyday life over petty things like Yolanda did. Also you aren’t stupid so certainly not while a camera is rolling.

  24. Meow

    This just proves that celeb net worth site is bullsh*t. It says Andy is worth 15 mil and Nene 10 mil. Guest starring on Glee pays that much?

  25. Just curious as to y everyone is disliking ot not caring for andy these days???? Cause im not either and the reason is I believe he has a bit of an attitude especially on the reunions. I also think he never lets any one talk. He is very quick to cut people off. And by the way Tamara is one smart cookie. I had a hard.time following allbthe financial stuff hehehe

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