The Ambassador West project, one of the largest and most prestigious in the city’s history, has been foreclosed on and the property is back on the market for the fourth time in a decade, the PAsadena Star-News reports.
“We no longer own any of the property,” Howard Weinberg, a part-owner of Ambassador West, said Monday. “A foreclosure sale has occurred.”
In a double blow to a 10-year effort to develop the former Ambassador College campus, plans for the Sterling of Pasadena luxury senior-living complex on an adjoining site have been scrapped.
“Sunrise Senior Living has made the decision to discontinue development of The Sterling condominium community in Pasadena,” officials from the Virginia-based company confirmed in a statement Monday, and is “currently evaluating alternative options for this development.”
Sunrise Senior Living bought the parcel fronting Green Street and St. John Avenue, and adjacent to the Ambassador Auditorium, from the owners earlier this year. It’s no longer part of the Ambassador West site and is unaffected by the foreclosure.
Drawbridge Special Opportunities Fund Ltd. decided to foreclose on Ambassador West’s prime 19.72-acre site about three months after appointing a receiver when AACP Properties and Ambassador Acquisition Coalition Partners II defaulted on a $4 million loan.
