The Dispute Over the Site Dates Back to 2014
The owners of a Pacific Palisades residential site are fighting to reclaim their property after a foreclosure by a Nevada lender, adding another chapter to a decade-long legal battle, according to a report by real estate news outlet The Real Deal.
Shlomy and Revital Weingarten, through Pacific Panorama LLC, have sued Kwala, alleging wrongful foreclosure on their property at 17000 West Sunset Boulevard. Court records show Pacific Panorama claims Kwala unlawfully assumed a loan from Wells Fargo before foreclosing, despite lacking the authority to do so, Real Deal reported.
Listed for sale at $18 million in 2022, the site became contentious after Pacific Panorama alleged that Wells Fargo transferred the loan without the required California real estate brokerage license.
The dispute over the site dates back to 2014, when Pacific Panorama acquired the title from investor Gregg Corlyn, who had taken out $6.6 million in loans from Wells Fargo. Pacific Panorama never assumed these loans but faced foreclosure when Corlyn defaulted.
Kwala, which has owned an adjacent property since 2014, purchased the Wells Fargo loan in 2022. Kwala’s owners, Martin Klein, Jeff Dienstag, and Oded Adler, are linked to the jewelry industry, Real Deal reported.
