DARK MONEY : 3,600 SQ. FT. HOME ‘PURCHASED’ BY ASM. CRISTINA GARCIA FOR $170,000 IN 2012 IS NOW WORTH OVER $1 MILLION

 

 

The 3,600 sq. ft. home in Bell Gardens is a multi-occupancy, seven bedroom, five-bath structure with rental income. It was recently given a substantial remodel. It was “sold” to Garcia for a extremely questionable price of $170,000 in 2012.

 

The home prior to remodel.

 

BY BRIAN HEWS

The block of twenty-two homes located in northeast Bell Gardens bounded by Pham Dr., Foster Bridge Blvd., Hannon St., and Emil Ave. have done quite well in the current real estate market, with five valued at well over $1 million, and ten more valued at over $800,000, according to the website Zillow.

One home, 6544 Emil Ave., was assessed at $623,000 in 2012, it is now worth over $992,000 according to the same website.

The house is a 3,629 sq. ft. apartment building that was built in 1948 and is an investors dream having 7 bedrooms and 5 bathrooms; and it is owned by current embattled California State Assemblywoman Cristina Garcia.

Garcia purchased the house in 2012 for $170,000, a transaction that is not only extremely suspicious but could be under investigation by the Fair Political Practices Commission.

FPPC Complaint

In April of this year a complaint was filed with the FPPC, first reported by POLITICO, by RagePath and Geoffrey Andersen that included 6544 Emil.

It was a multi-violation complaint alleging Garcia violated campaign disclosure provisions, economic interest disclosure provisions, and gift limit provisions.

Only one month later, unheard of speed for an FPPC investigation, the complaint was dismissed.

But did they dismiss the entire complaint?

$453,000 Campaign Violation or Equity Strip?

Records show that the former owner of the 6544 Emil house was Daryl Warren Halpert, who now resides in a tiny home in the remote desert county of Dayton, 23 miles east of Carson City, Nevada.

Halpert bought 6544 Emil in 2000, living there for twelve years while watching the value grow each year, hitting the $623,000 assessed value mark in 2012.

In 2012, for reasons unknown, he decided to “sell” his home.

Normally a person interested in selling their home would hire a real estate agent, fix up the house, get an appraisal, market and then list the home.

Records show that Halpert did nothing of the sort, he did not even hire an agent.

But somehow Assemblywoman Garcia found out about the sale.

Halpert “sold” his $623,000 home to Assemblywoman Garcia, whom some say he did not know, for a mere $170,000.

That was $453,000 below the assessed value, not the market value which is always higher.

$85,000 of the purchase price was seller (Halpert) financed, the remaining $85,000 was paid by Garcia.

The timing of the transaction was very suspicious, taking place immediately after the primary Garcia won in June 2012.

Even more suspicious, Garcia identified and signed her name on all documents as Maria Cristina Garcia.

Three years after the sale, Garcia cashed in on the equity that Halpert suspiciously gave up, re-financing the home and taking out a $438,000 loan.

HMG-LCCN recently went out to Bell Gardens to take a picture of the house and found it had undergone a substantial remodel, the home now likely valued at well over $1 million.

Not a bad investment: an $830,000 appreciation in just over six years, and the property has rental income.

Mike Simpfederfer, who ran against Garcia in last Tuesday’s election, did not mince words telling HMG-LCCN, “It is unbelievable an elected official stole hundreds upon hundreds of thousands of dollars in equity from someone elderly. Cristina Garcia got rich stealing equity. It is imperative the Los Angeles County District Attorney investigate the apparent elder abuse and not be afraid to prosecute. We’ve witnessed the tampering and intimidation and extortion by Cristina Garcia against Danny Fierro. Let us hope the District Attorney will be strong enough to hold her accountable.”

Have a Comment?