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New to Market: Axium CEO's Beverly Hills Home

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This five-bedroom Beverly Hills home is located at 1140 Calle Vista Drive. Not only is this home striking because it is very yellow, but according to court documents, the home belongs to John Visconti, the ex-CEO of Axium, the disgraced and defunct payroll services company. At 7,300 square feet, the home is listed at $8.7 million. More detail from the listing: " Everything renovated to perfection. High ceilings. Incredible gated estate pristinely maintained. Contemporary perched on promontory drenched in sunlight wtih formal LR overlooking views from downtown to the ocean."

Last year, Axium was sued by GoldenTree Asset Management, the company's primary lender (they loaned Axium $130 million, according to the LA Times). That suit, alleged many things, including the fact that Visconti's lavish life contributed to the company's downfall. Excerpt from the LA Times story:

"....Visconti's luxury cars became an issue in the collapse of his Hollywood payroll services company, Axium International Inc., costing 550 employees their jobs, sticking thousands of other workers with worthless paychecks and unleashing a New York investment firm's allegations of massive fraud.

"These people created a lot of chaos, for a lot of companies and individuals," said Susanne Preissler, executive producer at Independent Media Inc., which covered hundreds of its crew members' bounced Axium checks. "I'm sitting here cleaning up their mess."

In their lawsuit, Goldentree alleged a company called UAF and John Visconti were the same person. Excerpt from the court document: "Over the last several years, title to the Calle Vista Property has been repeatedly transferred back-and-forth between UAF and John Visconti." And indeed, looking at Property Shark, Visconti sold this home to UAF in 2008 for $0. That's cheap for a Beverly Hills home.

Howard Ehrenberg, the court-appointed trustee in charge of Axium’s assets tells us that the house is not part of the Axium liquidation sale.

More important than the gossip about the house: Axium's headquarters on Curson Avenue was a finalist in the Curbed LA Ugliest Building Contest.

· 1140 CALLE VISTA Dr [Redfin]