By ALEXANDRIA BORDAS | Reporter
Dozens of potential buyers showed up on Tuesday, June 2 for an open house for two of six properties on the Potrero Canyon rim that will be sold at a public auction on the steps of Los Angeles City Hall on Thursday, June 25.
Kennedy Wilson Auction Groups hosted the open house for the two properties on display located at 15329 and 15333 De Pauw. Both have minimum bids set at $1,325,000.
The Potrero Canyon saga has been ongoing for decades and its history is sprinkled with bouts of lawsuits, landslides and long-term projects.
Rich Schmitt/Staff Photographer
The city of LA acquired 22 lots along the rim of the canyon while settling a series of lawsuits filed after damages caused by landslides, according to a 2011 Palisadian-Post article. The landslides resulted in the loss of approximately 20 homes throughout the ’60s and ’70s.
Two homes were auctioned and purchased in 2008 and another five were purchased in 2011. All proceeds from the auctions are deposited in the Potrero Canyon Park Trust fund, which is then used to complete the remaining portions of the multi-phase project.
Andrea Coco, Business Manager at Kennedy Wilson, said the properties currently up for auction are particularly popular.
“These lots are precious because they are in Pacific Palisades and the market is booming,” Coco said.
After the June 25 auction there will be nine remaining properties on the Potrero rim. Buyers must pre-register for the auction with a cashier’s check for $10,000 and it will be cashier’s check only on the day of the auction.
To register visit: http://gsd.lacity.org/asset/surplus.htm
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