Monday, August 6, 2007

Scandal Rocks the Los Angeles Celebrity Real Estate World

It's not always the celebrities in Hollywood that behave poorly or become mired in the pits of scandal. Oh no. Sometimes it's their real estate agents that get the glare of the spot light focused on them.

The LA Times reported last week on the indictment of two of the biggest agents in celebrity real estate. Joseph Babajian and Kyle Grasso, a pair of enormously successful and well known real estate agents with Prudential California Realty who had the listing for the $22,000,000 house that Sexy and The Spice Gurl purchased earlier this year, were both indicted on several charges of conspiracy, money laundering, bank fraud, and loan fraud. Oh dear, those are some serious damn charges.

In addition to the real estate agents, two appraisers were also indicted for bilking lenders out of $40,000,000+ in fraudulent loans. Naturally the attorneys for Babajian and Grasso, as well as the appraisers, say their clients are innocent.

Only time will tell if these allegations are true, but in the meantime can y'all hear the hushed whispers and hushed gossip all up and down Sunset Boulevard?

Read the article here.

Sources: LA Times

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