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Real estate bubble still popping

Jeffrey Lubin, who said investors could get 17 percent a year, files for bankruptcy

Jeffrey Lubin
Jeffrey Lubin

Once high-flying hard-money lender Jeffrey Lubin has filed for Chapter 7 liquidation bankruptcy. His wife Barbara joined in the filing. Her given address was on Hidden Valley Road in La Jolla, in a home worth $4 million, according to the bankruptcy filing; his stated place of residence appeard to be an office building in Mira Mesa.

The couple lists assets of $4.3 million and liabilities of $19.9 million. They say they have a combined monthly income of $19,604.85 and combined expenses of $32,454.68. That leaves a monthly net loss of almost $13,000. The $4 million La Jolla home has extensive liens against it, including sizable ones from the Internal Revenue Service and Franchise Tax Board.

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Before the real estate collapse of 2007–2008, Jeffrey Lubin was riding high. Like other hard-money lenders, he was charging unusually high rates to borrowers and paying high rates — 10 to 17 percent a year — to investors. He was loaning the investors' money to developers in California, Arizona, Nevada, and other places, and keeping a profit for himself.

His company had a name that is almost sacred in San Diego: Scripps Investment & Loans.

"Investors in Bernie Madoff made out way better than Scripps investors," said one of Lubin's customers.

The bankruptcy filing says that he has raked in $60,000 in income thus far this year and took in $150,000 in each of the two previous years.

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Jeffrey Lubin
Jeffrey Lubin

Once high-flying hard-money lender Jeffrey Lubin has filed for Chapter 7 liquidation bankruptcy. His wife Barbara joined in the filing. Her given address was on Hidden Valley Road in La Jolla, in a home worth $4 million, according to the bankruptcy filing; his stated place of residence appeard to be an office building in Mira Mesa.

The couple lists assets of $4.3 million and liabilities of $19.9 million. They say they have a combined monthly income of $19,604.85 and combined expenses of $32,454.68. That leaves a monthly net loss of almost $13,000. The $4 million La Jolla home has extensive liens against it, including sizable ones from the Internal Revenue Service and Franchise Tax Board.

Sponsored
Sponsored

Before the real estate collapse of 2007–2008, Jeffrey Lubin was riding high. Like other hard-money lenders, he was charging unusually high rates to borrowers and paying high rates — 10 to 17 percent a year — to investors. He was loaning the investors' money to developers in California, Arizona, Nevada, and other places, and keeping a profit for himself.

His company had a name that is almost sacred in San Diego: Scripps Investment & Loans.

"Investors in Bernie Madoff made out way better than Scripps investors," said one of Lubin's customers.

The bankruptcy filing says that he has raked in $60,000 in income thus far this year and took in $150,000 in each of the two previous years.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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