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had it
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| 11/18/2007 1:59 PM |
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| Maybe thats what the sales team is being told, I dont think they know either way, the Broker may, and not pass it along |
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anon
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| 11/18/2007 2:00 PM |
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Looks pretty legit to me. Do you think that the reporter at the UT is that connected to make this all up?
http://dockets.justia.com/docket/court-flsdce/case_no-1:2007cv22948/case_id-305610/ |
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anonymous
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| 11/18/2007 2:07 PM |
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| Check out a company called 2themart.com; this was our Steve Rebeil. We're in business with this guy. |
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anonymous
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| 11/18/2007 8:40 PM |
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| Reporters for legit papers do not make up things people. This was not US weeekly or People magazine reporting! San Diego Union Tribune is a respectable paper and I can assure you they are not risking their necks for a lawsuit. I'm sure research was done before the story. Advice to you all is dont trust anyone to deliver you the truth on this. It's easy to find out the truth on your own. Just put in the time. Call Setai or the lawyers named in the suit. |
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cautious
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| 11/19/2007 8:18 AM |
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| Perhaps the moral to this story is don't buy into any project until it's done and occupied. |
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Brian
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| 11/19/2007 8:30 AM |
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Very true, cautious. You will see that all the original buyers of most downtown towers will be underwater. They took a big risk, held out and will enventually lose their equity.
The flippers lucked out, but the owners who hold will be in for a rude awakening. |
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anon
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| 11/19/2007 9:04 AM |
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It is a catch 22. If the developer can't pre-sell a significant number of units, the project won't get built.
Unfortunately, the false demand created by a bunch of $5,000 deposits has oversaturated the downtown market and will take years to wash out. In the meantime, everyone who bought in 2001-2003 (me included) will be stuck with overpriced units that they can't sell.
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Rebeil's biographer
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| 11/19/2007 9:27 AM |
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Steve Rebeil has lied more times than anyone including his wife care to remember. Read summary of a con man. Done by a Rebeil associate. Seems to be an unemotional account of the guy's cons.
Rebeil still is in hot water with the Orange County DA's office for being about 300k behind in child support.
I don't know but Deadbeat Dad owing money to a woman (WHO'S NOT HIS WIFE), a recent federal conviction, over 60 suits, the Setai has now just filed suit. Is it just me or do we have to be hit on the head a little harder to understand that the man is a compulsive liar and if we don't act we are going to lose it all.
My understanding is that his Amex bill disclosed in the child support case showed his purchases were for art for his yacht in the Med (hopefully not our money) and an adult store. We are screwed.
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pissed-off
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| 11/19/2007 9:50 AM |
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| He can't touch our money; it's in escrow. But we need to get organized and get out now. We need to threaten to take this public; to run his and Vertical Property's name through the mud. These people need to let us out NOW!!!! |
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anon
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| 11/19/2007 11:56 AM |
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I think that his name is already in the mud. It has been since well before anyone put money down on The Diegan.
Looking back, did you really think that the location of The Diegan was good for a luxury condohotel? Somehow, Rebeil got a bank to finance it but I really can't see how anyone thought that the area north of Broadway was attractive. Also, the House of Blues has a very limited draw.
You are right that your money should be safe at the escrow company. This dispute between Setai and Rebeil et al is unrelated to you. |
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Diegan cool-aid drinker
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| 11/19/2007 12:14 PM |
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What is left to take public, check the first couple of pages of google. Sued for fraud with 2themart, child support, criminal tax evasion, lawsuits, a couple of recent articles in the SD Union Tribune, hardly a rag. The guy is going to screw us somehow. Anybody have an idea on how we can get out now vs. having him hold our money till April.
Without Setai and condo's (he admitted under oath that he was walking away from that idea) this property is going nowhere.
Anybody have Tom Benjamins cell phone number.
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Not a Diegan fan
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| 11/19/2007 12:24 PM |
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The building actually exists (I drove by it today) so it is not like anyone absconded with the money.
The trick will be to figure out if the condohotel units will be delivered as per the contract. As of right now, The Diegan hasn't done anything wrong so you aren't entitled to your deposits back (without a penalty). If the time comes and The Diegan can't deliver you a condohotel room, then the escrow company should have no problem returning your entire deposit. You will probably have to wait until the contract date expires. |
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anonymous
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| 11/19/2007 1:59 PM |
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There is a criminologist up in LA that has been dealing with Rebeil's background and passing information on to the newspaper. I think the guy is pretty credible and has certainly been right so far as to when articles are coming out and what is going on with the property. May be he is right in his advice that we all get together with an atty. I was skeptical at first, but now agree with the rest of you that his advice has been pretty right on so far.
He also recommended that we get in touch with Penni Crabtree at the San Diego UT to tell our story. Rebeil needs to be continually outed.
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pissed-off
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| 11/19/2007 4:20 PM |
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to whoever wrote this:
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I think that his name is already in the mud. It has been since well before anyone put money down on The Diegan.
Looking back, did you really think that the location of The Diegan was good for a luxury condohotel? Somehow, Rebeil got a bank to finance it but I really can't see how anyone thought that the area north of Broadway was attractive. Also, the House of Blues has a very limited draw.
You are right that your money should be safe at the escrow company. This dispute between Setai and Rebeil et al is unrelated to you.
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What is your interest in this thread? You sound like you're not a Diegan buyer, so why do you sit here second-guessing people. The issue here isn't whether we thought north of broadway was attractive. The issue is that we're in business with a criminal that has a history of ripping people off, and that was not disclosed to us. We're pissed off for the same reason that Setai is suing 5th Ave. Partners.
And bulls--t that the Setai and Rebeil lawsuit is unrelated to us. As I said, Setai doesn't want to be involved with Rebeil. They apparently didn't know about the slimebag being involved when the signed the letter of intent. Just like we didn't know about the slimebag's involvement when we signed the contract. It should have been disclosed to us. And further, if Setai walks we're without an operator again. How is that unrelated to us? |
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We need to unite
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| 11/19/2007 4:22 PM |
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| Our money is safe in escrow. Rebeil is using our money to fund his hotel project interest free. If he ever intended to sell them as condos, he probably doesn't now. Worst case, he goes ahead with the condo idea and then really screws us as his flunky business partners. We need to contact the San Diego District Attorney's office. Rebeil's intentions are fraudulent, he said under oather that the project will likely end up as a hotel. The TV media should be contacted. Locals being taken by a Vegas felon...that might get the DA to look into things. |
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pissed-off
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| 11/19/2007 4:28 PM |
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And regarding running names through the mud, yeah, Rebeil's name couldn't be much worse. But what about the broker, Vertical Properties, and the sales people who have continually supported him when we have asked to get out? They certainly aren't on our side. They're on the side of a slimebag, and they need to be held accountable. They talk about their good reputation in San Diego. Well they should think about that, because they're hooked up with a guy who is a criminal, continues to rip people off, and they don't seem to care one bit.
The way this thing will play out (most likely) is that slimebag will back out of the condo portion (as he has indicated he will), but he'll have held our deposits (to the tune of at least around $50K each, which some peach of a turd said "they hope we lose") until the very end. He's building a hotel on the backs off our deposits. A clever sob, but a slimebag sob nonetheless. |
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anonomous
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| 11/19/2007 4:33 PM |
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| there's a google group called diegan revolt for diegan investors to unite and discuss this disaster. |
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anon
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| 11/19/2007 7:09 PM |
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First, you are correct, I am not a Diegan buyer. I thought that the idea of a luxury condohotel project in that part of town was a stupid idea from the start. Apparently, you didn't.
Second, when you put your deposit down, the Setai wasn't even in the picture. If they go away, you are still buying into The Diegan, which is the concept that hooked you in the first place. What are your damages?
Third, Rebeil is a crook but how is he using your deposits to fund his hotel? He doesn't have access to them unless you handed him a wad of cash to open escrow. If escrow has released money to him (which no one has confirmed), you have a case against the escrow company.
Fourth, your contract has a certain timeframe. If they don't build it out as a condohotel, you will get your money back from escrow. As of today, the developer hasn't broken the contract as far as anyone has determined. In fact, it is the buyers who are trying to break the contract. |
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pissed-off
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| 11/19/2007 8:17 PM |
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First, so you think it was a "stupid idea," and now you've told us all. You're right, apparently we didn't.
Second, when we put the deposit down, we expected that 5th Avenue Partners would be able competently deliver a condo hotel, which includes choosing an operator. They should have done that long ago so what we would know the costs to us involved. Instead of choosing one in a timely way, they took way too long, and now that they have chosen one, the operator backs out because the find out a scumbag felon is involved. What that means to us is that 5th Avenue will have a very hard time getting a reputable operator. Is this hard for you to understand, or are you just here to enjoy our misfortune?
Third, Rebeil was able to get funding based upon our deposits. He's not using the the deposits directly; rather he is able to get loans based upon the deposits. Nobody is (or at least I am not) saying that he has gotten his hands on our money directly. But in the end if he backs out of the condo portion, what that means is he used our deposits, which we put down in good faith toward the purchase of a condo, to fund a hotel that he will end up selling and making a ton of money, and we get nothing. That's what people mean when they say he "funding the hotel on the backs of our deposits." Understand?
Fourth, the contract has more than just a timeframe. The contract also has an implication that 5th Avenue makes a reasonable effort to deliver what they represented. They haven't advertised this condo hotel for about two years. The Hard Rock started after the Diegan, advertised, sold out with a waiting list, had an operator early on, and they're done now. The Diegan is foundering because 5th Avenue not only are crooks, they don't know what they're doing. Now I'm hearing there will be no Foundation Room, nor that brands that they originally represented. So we have grounds to break the contract. |
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condotel
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| 11/19/2007 11:16 PM |
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To foolmetwice-- The sales people never tells who who is involved with the project. How does one google a name of a person that they don't even know. I was in escrow for over a year until I read an article in the SDDT & UT about a guy name Steve Rebeil. At which they informed me of his involvement with this project. I bet 10/10 buyers would of not pursued this if they had know that this guy was involved. Secondly, Lack of Disclosure, is a big reason to file. In addition, the sales people at the office has been "puffing" about the project since Day 1. I highly recommend anyone that has been in touch with the sales people at the office to keep track of all the false information that we've been given. Especially the person that received a letter from Setai group. IF YOU ARE A POTENTIAL BUYER- you should sign up on diegan@googlegroups.com.
We need to get together on this and expose this guy & his affiliates. It is so unfair and malicious of him to rip off hard working individuals like us. I have worked my ass off the past numerous years to build a real estate portfolio and will not see my hard earned money in the pocket of this scrupulous guy!!! I don't care if this project will make me thousands a month in cash flow- i don't want to be a part of such a sketchy deal. |
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