Photos removed at request of photographer
The Los Angeles Business Journal is one of the few publications in town covering every detail of Brentwood businessman Ezri Namvar's alleged ponzi scheme. In fact, we are waiting for the LABJ Namvar book to hit anytime soon, followed by the blockbuster movie, following by LABJ's memoir of covering the Namvar story followed by the indie movie based on the memoir. And today, the Journal has another story out, a piece which looks at a report put out by the trustees overseeing Namvar's bankruptcies. Worse than everything that's been written about Namvar, whose real estate holdings involved the downtown Park Fifth project and that just-approved WeHo hotel, now it sounds like he was a terrible developer. Via the LABJ: "But while Namvar had a reputation for being a real estate expert, the report paints a different picture. It notes he went on a buying spree from 2004 to 2008, acquiring everything from raw development land in Arizona to shopping centers across the nation, without feasibility studies and with a wanton disregard for the underlying economics of the financial viability of the real estate.
"Ezri Namvar is clearly a highly intelligent person with an ability to keep prodigious amounts of numbers in his personal memory bank. It is further incontrovertible that he has substantial expertise in the area of hard-money lending. However, his venture into the larger arena of property development, banking and hotels portended financial disaster, " the report states.
· Trustees Criticize Namvar Conduct [LABJ]