Summary
Monterey County Bank and two other banks filed the most recent lawsuit against Monterra on Dec. 31. Details of the lawsuit were unavailable by the Weekly's deadline. [Don Chapin], whose construction company is also named as a defendant because they have an outstanding lien, says the banks are likely jockey- ing for position to get paid from Monterra's collateral. "If s going to be like the food line," Chapin. says. "I just hope there is enough food for everyone." ([David Armanasco] said he wasn't aware of the suit and had. no comment)
Mary Margaret Graham, an 85-yearold Carmel resident, describes the [Roger Mills] brothers as "the most horrible bunch of crooks I have ever had the displeasure to be associated with." Graham says the Millses wined and dined her at Tehama before they asked to borrow money. "They told me, 'Mrs. Graham, we've got tons of money, but we are a little short right now,'" Graham says. Using retirement money her late husband left her, Graham loaned them $500,000 on two unsecured notes.Mike Jashinski's company DMB Realty managed the sales and marketing for Monterra from 2003 to 2006. Jashinski is the realtor for Tehama and now does mainly resells and lists finished homes at Monterra. Sitting in his Escalade outside Monterra's gated entrance, Jashinski says the development has worth that will transcend the down market "The underlying value is the Monterey Peninsula," he says. "This is some of the most coveted resort, residential real estate."See the full content of this document
Extract
Family Ties
Two days before Christmas, Roger Mills' mansion was on the auction block. The stonecovered country manor sits on a prime hill in the Monterra development overlooking Monterey Bay. The custom home's large deck and spacious quarters once made it an ideal venue for charitable events and a gathering spot for Monterra residents. The home's 11 bathrooms were tailored for Mills' seven grandchildren to sleep over.
Before finding a last-minute buyer in late December, Mills owed more than $6 million on his house, part of a wheelbarrow full of real estate debt that appears to be slowly burying him. The former agribusiness man has already lost at least two of his other residences, and his Corral de Tierra home is scheduled for auction at the end of the month. Mills was trying to fetch $14 million for the six-bedroom Monterra home- the same amount he borrowed against the property. The opening bid was set for $6.3 million, but at San Diego bank Cenlar FSB's request, the sale was delayed.Although Dana McManus, a Bay Are...See the full content of this document
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