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Group in Escrow to Buy Naples

Development Investment Team Includes Los Angeles’ Phil Ram and East Coast Hedge Fund Cerberus Capital Management


Thursday, June 13, 2013
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The rumors, it would seem, are true. A group of hopeful purchasers are indeed in escrow to buy Naples. And, as of late last week, the official request was made to the County of Santa Barbara to have the development rights associated with the beloved Gaviota Coast property transferred from its current owners, the St. Louis–based First Bank, to the property’s potential new owners, a development investment team that includes Los Angeles’ Phil Ram and East Coast hedge fund Cerberus Capital Management. “Yes, we received the request for consent to transfer from the bank on June 6,” confirmed Santa Barbara County’s head of Planning and Development Glenn Russell on Tuesday afternoon.

According to Russell, the request officially starts the clock on a 45-day period in which the county must decide whether or not to approve the transfer, a decision that is traditionally left up to the Planning and Development director but in this case will be decided by the Board of Supervisors. As per county policy, the transfer can only be denied if certain elements of the new ownership groups’ “reputation and financial resources” indicate that they will have difficulty delivering the various conditions of approval associated with the project as were agreed upon by a different incarnation of the board back in the fall of 2008.

However, with the supervisors slated to go on their annual summer break in early July, scheduling the hearing is proving to be a bit of a trick, said Russell, especially since not voting on the issue during the 45-day period works as a de facto approval of the transfer. Not only must the supes find a date that works in their already jam-packed schedule, but they also must receive the proper documents from Ram and company that elaborate on their financial standing. Currently, the hearing is tentatively slated for July 2, but if an extension of the review period can be negotiated between the bank and the county, then it will happen shortly after the summer break concludes on August 20.

Comments

Independent Discussion Guidelines

Phil Ram (aka Dilip Ram) has a prior history of bankruptcies. However, with the backing of a big player like Cerberus, that might be moot.

EastBeach (anonymous profile)
June 14, 2013 at 10:59 a.m. (Suggest removal)

Are you kidding me?? Cerberus must be looking to lose a ton of money. Apartments on the coast?? Well half finished apartments. Phil Ramm seems to BK before he ever finishes anything. Actually I don't think that is even his real name. Coastal People, we need to kill this deal. First Bank, you have to be the dumbest bank in the history of this country. Have you ever followed the history of this land? Oh, I get it. Sell it to the king of BK and half finished apartments. Let him screw up the coast with half finished houses, foreclose on it and walk away leaving a beautiful coast in ruins. Cerberus, you have no idea what you are getting yourself into here. Show a little intelligence and walk away. The coastal commission will never let you build. There has to be one smart person in your group. Maybe not if your aligning with Phil Whoever he is and Mark Lloyd!!!

hoofarted (anonymous profile)
June 18, 2013 at 9:18 a.m. (Suggest removal)

With firm community support these folks can be stopped. Send money, volunteer, write your supervisor, it won't happen by magic. www.savenaples.org

Noletaman (anonymous profile)
June 24, 2013 at 9:11 p.m. (Suggest removal)

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