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/.

Related Posts

Dodgers to Host Back to School Bash for Fire-Affected Families

July 16, 2025

July 16, 2025

The free event will offer free groceries, school supplies, outfits, haircuts, medical screenings, and carnival rides The Los Angeles Dodgers...

Hundreds of Red-Legged Frog Tadpoles Released in Santa Monica Mountains

July 16, 2025

July 16, 2025

Once widespread in California, red-legged frogs vanished from the Santa Monica Mountains by the 1970s Nearly 600 California red-legged frog...

LA Sees Second Straight Year of Homelessness Decline, Leaders Celebrate Progress

July 16, 2025

July 16, 2025

The survey, designed by the University of Southern California, reported a 17.5% drop—the largest two-year decrease on record The Los...

County Launches AI Pilot to Speed Rebuilding After Fires

July 15, 2025

July 15, 2025

The pilot targets early adopters whose homes, located in R-1 residential zones, were damaged by the wildfires Los Angeles County...

Santa Monica Man Arrested for Allegedly Exporting Electronics to Iran

July 15, 2025

July 15, 2025

Ostovari, identified as the CEO of a Tehran-based engineering firm, allegedly orchestrated the scheme since 2018  A 66-year-old Santa Monica...

California Hits Two-Thirds Clean Energy Milestone

July 15, 2025

July 15, 2025

This year, clean energy has powered the state for an average of seven hours daily, with over 90% of days...

ICE Raids Disrupt Labor in Fire Recovery Efforts: REPORT

July 14, 2025

July 14, 2025

Immigrants, comprising about 75% of Los Angeles County’s construction workforce with nearly half undocumented, per a Bay Area Council analysis,...

Nonprofit Formed by Palisades High Alumni to Host Benefit Concert for Fire Recovery

July 14, 2025

July 14, 2025

All proceeds will support relief for the Hildebrand family, Palisades High School’s booster club and Palisades Dolphin Strong The Pacific...

Santa Monica Assault Suspect Faces Multiple Charges, Authorities Seek Additional Victims

July 14, 2025

July 14, 2025

Marbra allegedly assaulted a 52-year-old woman on the Strand in Santa Monica, facing a felony count of assault with intent...

Elvis’ TV Legacy in Beverly Hills to be Explored in Upcoming Event

July 14, 2025

July 14, 2025

The session will feature rare clips from the Paley Archive, including Presley’s debut TV appearance, his 1968 Comeback Special, performances...

Veterans Tech Group to Launch Los Angeles Chapter with Networking Event

July 14, 2025

July 14, 2025

Founded in San Francisco, VetsInTech operates 20 chapters nationwide and claims more than 60,000 veterans VetsInTech, a national nonprofit that...

County Launches Campaign to Boost Fire-Hit Small Businesses

July 13, 2025

July 13, 2025

Affected businesses can register for promotional support and resources, while residents are urged to take a Shop Local Pledge and...

One-Acre Riviera Lot Listed for $7.25M After Fire Loss

July 13, 2025

July 13, 2025

The site includes completed Phase I and II plans featuring an accessory dwelling unit, infinity pool, sauna/gym, and sport court...

Sen. Ben Allen Highlights Challenges, Economic Gains for LA28 Olympics

July 12, 2025

July 12, 2025

The remarks came during the first informational hearing of the Senate’s Special Committee on International Sporting Events State Sen. Ben...

Downtown Santa Monica CEO Andrew Thomas to Step Down

July 12, 2025

July 12, 2025

Thomas, who rejoined DTSM, Inc. in 2022, oversaw the introduction of a private security program, expanded homeless outreach, and boosted...