The Las Vegas property was a partially completed, high end residential subdivision planned for 155 single family homes and approximately 16.5 acres of non-contiguous raw land known as Sierra Madre. At the time of the Receiver’s appointment, Tuscan Cliffs was comprised of five homes and 117 improved or partially improved lots. The remaining 33 homes had been completed and transferred to homeowners prior to the Receiver’s appointment.
Douglas Wilson Companies (DWC), agent for Receiver, was charged with overseeing the asset.
At inception of the receivership and without the defendant’s cooperation, DWC took possession of, secured and inventoried the property. Due to the litigious nature of the case, DWC appeared at regular status checks with the presiding judge and filed detailed monthly reports. At the time of the Receiver’s appointment, DWC also discovered that the Master HOA had filed Notices of Default against the property for alleged delinquent assessments. The Master HOA’s Notices of Default pre-dated the plaintiff’s Notice of Default and DWC successfully delayed the Master HOA’s action until after the trustee’s sale occurred.
The property was marketed by Cushman and Wakefield and closed escrow in 2012.
District Court, Clark County, Nevada
Las Vegas, NV
Douglas Wilson Companies was founded in 1989 to provide a wide range of specialized business, workout, and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITs, financial institutions, and property owners throughout the United States.
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