At a hearing on October 16, 2019, the San Diego Superior Court issued a Preliminary Injunction with asset freeze and confirmed the appointment of the Receiver over the Receivership Defendants (Silver Saddle Commercial Development, LP; Silver Saddle Ranch & Club, Inc.; The Galileo Commercial Property Owners Association, Inc., as well as any other entity that has conducted any business related to Defendants offering and selling of the Galileo Project investment contracts). The Court ordered that the Receiver cannot distribute any money to investors until the conclusion of the case. After hearing argument, the Court granted the Receivers Motion and approved the sale of the Ranch. A copy of the Receivers First Interim Status Report is posted in the Documents section of this webpage. In my podcast California City, I told the story of a small town in the Mojave Desert where, for more than six decades, salespeople have been peddling nearly worthless desert land to unsuspecting people. 4, 2022), Frequently Asked Questions (FAQs) (Feb. 8, 2021), Receiver's 7th Interim Status Report (Sept. 30, 2022), Receiver's 6th Interim Status Report (Jan. 13, 2022), Receiver's 5th Interim Status Report (Sept. 16, 2021), Receiver's 4th Interim Status Report (May 7, 2021), Amended Order re Proposed Distribution Method and Procedures (Apr. On September 28, the Receiver agreed to a sales price of $2,100,000 for the Ranch. The highest water bill was $46,864 for mid-October 2019 to mid-November 2019. If the Court grants the motion to cancel the escrows, the Receiver intends to reopen the sales process and all interested parties will have an opportunity to submit their best and final offer for the Ranch real property directly to the Receiver. the assets of the Receivership Estate while the lawsuit proceeds. On September 29, 2020, California City approved the Ranch for a lower water rate, which should result in lower water bills. The alleged scheme targeted Filipino, Chinese and Spanish-speaking individuals, according to an Oct. 1, 2019, DBO news release. The case remains pending in San Diego County Superior Court, with a current trial date of January 21, 2022. Leads Ali Wong and Steven Yeun issue a joint statement along with show creator Lee Sung Jin. We will seek the Courts approval of the sale at a hearing on April 15, 2022, at 9:00 a.m., at the San Diego Superior Court, Hall of Justice, Department C-73. There will not be a hearing on August 27, 2020 to cancel the escrows. Silver Saddle lured prospective buyers from around California with the promise of a free weekend at the ranch. One of these companies, High Plains Mesa Holdings, had a lease option agreement in place to sell a 640-acre parcel of land to a solar energy company for roughly $4,100,000 before this lawsuit was filed. Editor This case was filed in Los Angeles County Superior Courts, Spring Street Courthouse located in Los Angeles, California. For additional details on the sale of the Ranch, please see below. The Receiver has filed a Motion to Approve the Sale of the Ranch and an Application to Shorten the Time for a Hearing, asking the Court to hear the Receivers Motion to Approve the Sale of the Ranch on July 16, 2020 at 8:30 a.m. via CourtCall. Given the stay, we do not expect any material activity to occur prior to the resolution of the criminal prosecution. Between 2011 and 2019, Silver Saddle made more than $56 million. On March 4, 2022, the Receiver filed a Motion to Approve the Sale of the Galileo Project Land. We have also accepted an offer to purchase the Galileo Project vacant land for $775,500. Maney opposed the sale because he wants to propose a joint venture in which the Ranch is included in an agreement between the investors and a third party, Rick Jones. A trial date has been set for July 2021. Feterik initially resisted the attempt to cancel the escrow. The lowest water bill was $4,339 for mid-March 2020 to mid-April 2020. In September 2019, the California Department of Business Oversight filed a lawsuit against Silver Saddle, accusing the company of securities fraud. The Receiver determined that it is necessary to reopen the sales process and allow all interested parties to present their best and final offers. It is currently listed for $1,895,000. If you think the Receivers claim determination is wrong, you have until April 8, 2022 to send the Receivers office a letter or email challenging the calculations. If you believe the email or mail address the Receiver has for you is incorrect, you should immediately provide the correct address(es) to the Receiver by sending an email to: info@regulatoryresolutions.com, with Silver Saddle in the subject line of the email. All parties, including Feterik and Jones, were encouraged to submit a last, best and final offer with a Sept. 14 deadline. "A Treasure in the Desert!" Located in the high desert at the foot of the majestic. Two Los Angeles artists have new work on display. The Court determined that the Receiver had shown it was necessary to sell the Ranch, given the ongoing maintenance costs and the limited funds remaining to pay them. We have received emails and letters from a small number of investors (who appear to be coordinating with Antonio Garcia and Carlos Novelo, and their United Owner Investors, Inc.) objecting to the sale of the Ranch. Around the same time, a young Ralph Nader asked his gang of consumer protection attorneys, the "Nader's Raiders," to investigate land sales and development throughout California. Receivers Review of Challenges and Final Determination. Cal City history, Silver Saddle Ranch focus upcoming podcast Nevertheless, the Receiver intends to recommend to the Court that the funds from the sale of the Ranch be used to make an initial distribution to Galileo Project investors. In 1977, the company settled, and was ordered to pay what was, at the time, the largest consumer refund in the history of the FTC. Winds SW at 20 to 30 mph. The Galileo Project property is listed for $919,746. Hi last week march 20 we signed a contract from silver saddle ranch club for half a unit of their galileo project and deposited $3298 and has monthly payment of $273.66 for 10 years term. The receiver requested the court to cancel the escrows and refund Feteriks deposit. 2. The Court is currently scheduled to hear DBOs motion for preliminary injunction on July 24, 2020 at 9:00 a.m. DBO also added Kelly Maney, Maria Rosales, Robert Kvassay, and Richard Huebner as additional defendants. Both properties are located in Cal Citys Second Community. Case Summary On 01/25/2022 PHUNG NGUYEN filed a Property - Other Property Fraud lawsuit against SILVER SADDLE RANCH CLUB, INC. What it took to investigate a suspicious town in the Mojave Desert Silver Saddle Ranch and Club California, City, California USA Phone: 760-373-8617 Web: silversaddle.com Category: Unusual Rip-Off Silver Saddle Ranch and Club Silver Saddle Commercial Development LLCGalileo Project Land Banking Scam California, City California *Consumer Suggestion: Silver Saddle Ranch Club A pyramid scheme The Receivership Estate will not be able to fund these costs for very long. Every two years, Desert X presents site-specific outdoor installations throughout the Coachella Valley. Every investor should carefully review the Receivers claim determination. The letters explained how to challenge the Preliminary Determination if an investor felt the determination was incorrect. A footnoted in the motion states that because of limited funds in the receivership estate account, the Receiver has temporarily withheld payment of his and counsel's fees and expenses in order to ensure the Receivership Estate has sufficient funds to pay ongoing Ranch expenses.. The agency accused Silver Saddle, Maney, Ducreux and other defendants of securities fraud and selling unqualified securities. The Receiver has suspended all business operations, including the Silver Saddle Ranch & Club. October 14, 2020 Motion to Approve Sale of the Silver Saddle Ranch and Club Filed andTelephonic Hearing Set for November 6, 2020 at 9:00 a.m. On October 13, 2020, the Receiver filed a Motion to Approve the Sale of the Silver Saddle Ranch and Club (Ranch) for $2,100,000. The list is sorted by investor account number, which number was included in the Preliminary Claim Determination letters that were mailed to each investor. The criminal case continues and, as a result, the Court has extended the stay in the receivership case until at least the next status conference which it scheduled for September 15, 2023. The price was adjusted a few times before stabilizing at $1.87 million. Mr. Maney and a number of others are facing criminal charges in connection with Silver Saddle. CALIFORNIA CITY The attempt to sell Silver Saddle Ranch and Resort may see success on a second attempt, according to an update from the propertys state-approved receiver on Oct. 14. According to the receivers motion, the offer was submitted along with a joint venture proposal involving the Galileo Project investors and also involved financing contingencies, compared to a previous all-cash offer by Jones. The idea was that the land would appreciate in value, and when it did, all the co-owners could sell it to a developer and make a lot of money. If no objections are filed with the Court, the Receiver will promptly file a proposed Order approving the Receivers claim determinations. A sale will eliminate substantial ongoing expenses. According to the motion, more than 33,000 emails were sent to Kidder Matthews west coast offices regarding the property, who communicated with 48 individuals interested in the property and provided tours for 12 groups. B. Gordon and Exhibits, https://www.loopnet.com/Listing/20751-Aristotle-Dr-California-City-CA/19775266/, https://www.loopnet.com/Listing/Rutgers-Rd-Kennedy-Blvd-California-City-CA/20743529/. This case was filed in San Diego County Superior Courts, San Diego Central Courthouse located in San Diego, California. MENDELSOHN'S SALES TACTICS DREW THE ATTENTION OF RALPH NADER, AND GOT THE COMPANY IN SERIOUS TROUBLE WITH THE FEDERAL TRADE COMMISSION. However, because the Silver Saddle Ranch & Club and the Galileo Project land are worth far less than the investors . Thousands of people bought this dream. If the motion is granted, the closing should occur 60 days thereafter. In our last update, we explained the Receiver had filed a motion with the Court to approve the sale of the Ranch to a third party for $2,100,000. Defendants comingled and diverted funds that had been promised to be set aside and preserved for the investors benefit, making it difficult to trace exactly how investor money was being spent. California City is filled with signs advertising vacant land for sale. As we said previously, Defendant Thomas Maney and others were criminally charged based on conduct that is essentially the same as in this case. Saddle Commercial Development, LP, Silver Saddle Ranch & Club, Inc., and Galileo Commercial Property Owner's Association, Inc. are hereby ordered to desist and refrain from the further offer or sale of securities in the State of California, including but not limited to investments in the They could build a house, or just hold onto the land and sell it in the future. They watched a presentation about the area's potential.