larger view

More folks than usual (some even wearing nice clothes!) showed up at the daily City Hall auction this morning to see the SunCal foreclosure go down.

SunCal's debt to Lennar on 515 acres in Shafter had reached about $86 million (with interest and fees).

Bidding opened at $10 million. The auctioneer read off a list of parcel numbers handwritten on the back of a piece of paper (see attached pic).

It was exciting in the geeky way such things are...is this the biggest foreclosure in Bako history? Does anyone know?

Tension filled the air...really!...when bidding opened. The preamble was as indecipherable as usual, but the "going once...going twice..." moments were pronounced slowly and clearly. Glances and shuffles ensued as folks waited to see who might bite.

After bidding closed a cell-phone dude with a briefcase who was with Lennar somehow (but wouldn't fess up) was immediately on the phone to say it was coming back to them...actually he was calling as it closed, almost rock-concert style: Did ya hear that...

Two smaller foreclosures, the Eagle Meadows of Wasco sites, also went forward.

I'll try to get Lennar comment tomorrow...couldn't reach Mr Investment Guy today... but for now there's a little item posted:

http://www.bakersfield.com/...

Update:

Here's a link to the Reynen & Bardis story, another out-of-town developer with some troubled projects in Kern:

http://www.bakersfield.com/...

-- Gretchen Wenner, staff writer