Former Potential Golf Course Buyer on Brink of Foreclosure

"​A prominent Laguna Beach real estate investor is on the brink of foreclosure on a $195.5-million loan backed by a portfolio of 19 properties, including the Hive complex, Royal Hawaiian restaurant, and Holiday Inn on South Coast Highway.

"4G Ventures CEO Mohammad Honarkar was supposed to pay the approximately $133 million remaining on the loan, held by Delaware-based LCC Warehouse, by Dec. 9, but he did not do so, according to a lawsuit filed in Orange County Superior Court against Honarkar’s companies earlier this month. 

"​The lawsuit, along with a report filed in a separate case by an attorney who acted as a court-appointed receiver in Honarkar’s divorce proceedings, detail an empire of assets that’s mired by debt, lags behind on many months of bills and is close to financial collapse."

Read the article on Lagunabeachindy.com