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 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!
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!