An eyesore Malibu condo complex, the Villas at Carbon Beach, was bought back this month by the same bank that financed it before the developer went bankrupt.

The 22065 Pacific Coast Highway property, which has been falling into disrepair behind a chain-link fence since being placed into receivership in 2008, was sold for $14 million at an auction to a subsidiary of Chicago-based Builder’s Bank. The bank put up $9.2 million to finance the project in 2004 to developer Carbon Beach Partners LLC.

The property had been managed by receiver Rob Evans & Associates since the bank sued the developer for default after Carbon Beach Partners failed to sell any of the complex’s eight units at their $3.2 million price tag. It’s not clear what the bank plans to do with the property, but workers have been seen on site. Builder’s Bank did not return telephone calls for comment.

The sale is just the latest in a long saga for the circular, peach-colored complex, which some locals have labeled atrocious. The land was entitled by Los Angeles County before Malibu incorporated in 1991. Since then, the city tried to shut down the project, but after a long court battle, a compromise was reached that downsized the project to eight units.

Starting construction in 2006, the development struggled to find buyers for its 3,200-square foot, two-bedroom residences, which came with private rooftop hot tubs, elevators and two-car garages.

Coldwell Banker broker Gail Copley, the listing agent for the properties when they were in development, said that with a price drop the condos may have a fair chance of selling.

“Prior to going to auction, I had calls from agents asking about it so that tells me there’s interest,” said Copley. “They’ve always had a niche. There are no other upscale condos down in Carbon Beach.”

Power Move

West L.A.-based CB Richard Ellis Group Inc. has hired away one of Cushman & Wakefield Inc.’s top Southern California performers.

Andy Ratner, 53, joined CBRE last month as the executive vice president of office tenant representation for the brokerage’s Southern California region, which includes about 150 office brokers. He will also lead the downtown L.A. office.

“At this stage in my career, I was excited to join the leader in our industry,” said Ratner, who had a 25-year career at New York-based Cushman & Wakefield, most recently acting as head of global consulting. His expertise includes leasing strategy, joint-venture structuring and carried-equity leasing.


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