Report: Real Estate CEO Loses Palisades Home to Foreclosure

The News Comes a Little Over Two Months After TRD Reported That Kenig Is Suing Rabbi Yoshiyahu Yosef Pinto

By Zach Armstrong

According to a report from The Real Deal, FMB Development CEO Ilan Kenig has lost his 7,000 sq. ft. Pacific Palisades property to his lender.

The lender in question, VIG Private Lending, was handed over the home at 1355 Berea Pl. after Kenig signed a deed-in-lieu of foreclosure, reported Real Deal. VIG reportedly foreclosed on the property for $627,400.

Real Deal also reported that Kenig purchased the Palisades property for $2.35 million in 2016 before using it as collateral on a $5 million loan from Lone Oak Fund.

The news comes a little over two months after TRD reported that Kenig is suing Rabbi Yoshiyahu Yosef Pinto along with three other partners. Kenig claims the group ripped him off by getting control of his company and yet failing to provide cash which was promised. According to the report, the four partners took stakes in FMB then also began buying out prior lenders and investors.  

“FMB Development’s main focus exists within four project types within Los Angeles County: Luxury Single Family Homes, Multi-Family Apartment Complexes, Small Lot Subdivisions, and Condominium/Townhomes. FMBD Focuses on prime locations ranging from Venice to Downtown Los Angeles.” as described on the company’s LinkedIn page.

For the full article by TRD, go to https://therealdeal.com/la/2024/05/01/fmbs-ilan-kenig-loses-pacific-palisades-home-in-foreclosure/.

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