Derek Ray 9:32 a.m., March 3
Rancho Santa Fe spread owned by U-T's John Lynch went into foreclosure and quickly out. He is living there.
On December 4, a home at 6311 Clubhouse Drive, Rancho Santa Fe, went into foreclosure. Owner John Lynch, chief executive of the U-T, his wife Catherine and the family trust were warned in a Notice of Trustee's Sale, "You are in default under a deed of trust dated September 8, 2006. Unless you take action to protect your property, it may be sold at a public sale." In September and again in November the Reader had reported that the mortgage was in default. On Nov. 6, Lynch promised he would pay a penalty to clear up the default on property taxes. Then came this month's foreclosure notice. Sid McClue of Prudential, who had been trying to sell the property for $3.495 million, says he is no longer trying to sell it. "Mr. Lynch decided not to sell. He owns the house andl ives in the house." McClue is quite sure the home is no longer in foreclosure and Lynch confirms that.
Lynch says he is trying to purchase the mortgage for a discount. It is "one of my investments," he says. In November, he had said he had not been living in the house for a year; he was renting it out and living downtown. "The accounting was not handled well by both my advisers and the [County] Treasurer," he said then. Now he also blames "some bad practices by a lender." He will either buy the mortgage cheap or sue, he says. He earlier said this was his only mortgage. Says Lynch, "As you might imagine, my net worth is quite substantial."
Thanks to Matt Potter for retrieving the Notice of Trustee's Sale.
More like this:
- U-T CEO John Lynch's apparent willingness to shape media coverage and public policy — Oct. 4, 2012
- Mortgage of U-T's Lynch in Default — Sept. 24, 2012
- Year-Round Santa — June 27, 2012
- August Foreclosure Data Released — Sept. 15, 2011
- Slam the Door on "Foreclosure Consultant" — Feb. 15, 2007