"Last summer, Issa went on a property-buying spree. In the span of two months, he bought industrial complexes in Oceanside and Carlsbad and a condo overlooking Oceanside Bay. Even his son picked up a home in Vista.
The Carlsbad complex, however, is at the center of a lawsuit playing out in Los Angeles County Superior Court. A bank lender in Ventura County is accusing a bank of selling Issa the building for at least $3 million less than it should have.
The property is a series of five brand-new buildings near McClellan-Palomar Airport in Carlsbad. Currently, all but one unit is empty, but they can be rented through Greene Properties, a company that employs Issa’s wife and son. The project was dreamed up by Orange County “new urbanism” developer David Dirienzo, who defaulted on a $36-million construction loan in January 2009.
The main lender, East West Bank, put the property up for auction but decided not to sell, instead filing a $12-million “credit bid” to hang onto it. Two weeks later, the bank sold the property to Issa’s company, DEI LLC, for $8.5 million"
Rep. Darrell Issa in Washington, D.C.
202-225-3906
Rep. Darrel Issa in Vista, CA.
760-599-5000
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