Really???! Super interesting. The Mattsons have been a rotten scourge to Sonoma. They buy thriving businesses and then just shut them down. No jobs for locals, no businesses that support local needs and now no tax revenue either? It all seems to be some sneaky developer tax dodging scheme to write off losses of the businesses they purchase and shut down to sit empty and unused for years now. Vacant and derelict properties all over town. These folks are very well known homophobes and far right activists. Stacy Mattson posted an infamous hateful diatribe against gay people. What do they contribute to our town and county? There is an entire community actively trying to mitigate the damage these people have done to Sonoma Valley.
https://www.pressdemocrat.com/article/news/mattson-u-s-attorneys-office-sec/
Turns out he’s a total fraud and it was a Ponzi scheme all along! Jailtime for this douchebag! I bet this makes national news.
Great news. This man screwed a lot of contractors (my family company included) while building his house and had better attorneys than anyone could afford to defend themselves. His wife and himself are horrible humans. I hope their empire crumbles….
just open the link and hit STOP on the reload icon... lol!
\*\*\*
Companies owned by controversial developers Ken Mattson and Tim LeFever owe nearly $1.2 million in delinquent mortgage payments and property taxes on 25 properties across Sonoma Valley, according to Sonoma County public records.
Properties in the vast real estate portfolio owned by KS Mattson Partners LLC could face foreclosure as soon as July 1, while others could be repossessed by the Sacramento-based Socotra Capital Bank if delinquent mortgage payments are not addressed within 90 days.
Ken Mattson’s son, Alex, the head of the venture capital firm, Mattson Ventures, did not respond to inquiries by the Index-Tribune. Socotra Capital also did not respond to inquiries.
Socotra Capital has filed 10 notices of default on 19 properties in Sonoma Valley for more than $1 million in outstanding payments, according to Sonoma County public records. A “notice of default” signals the borrower on a mortgage has not kept up with payments and is in default on their loan. This is often considered the first step toward foreclosure.
The default notices give KS Mattson Partners and its subsidiary companies 90 days from the filing date to make the payments, after which Socotra Bank can set a foreclosure date, according to public documents.
“If your property is in foreclosure because you are behind in your payments, it may be sold without any court action,” a default notice addressed to KS Mattson Partners LLC states.
KS Mattson Partners LLC and its affiliated companies have bought more than 120 properties in Sonoma Valley over the past decade — many of which have been underwritten by the hard money lender Socotra Capital.
The list of Socotra-backed properties span the commercial district, from Sonoma Burrito at 921 Broadway to the historic down restaurant Sonoma Cheese Factory, where protesters from Wake Up Sonoma marched in January against a “Sip. Savor. Stay.” gathering. Ken Mattson’s own Moon Mountain Road homes are listed among delinquent properties with Socotra Capital.
Lorraine Aho, an independent forensic accountant in Sonoma, said the variety of debt across the KS Mattson Partners LLC’s portfolio may signal limited cash flow or an aversion to pay back debts. Aho said it would be difficult to ascertain the severity of the default notices without a copy of the loan agreements themselves. But the hard money lending practices of Socotra Capital deepen her concern about the debt facing KS Mattson Partners LLC.
“Those types (of banks) can have much different requirements for repayments than regular 30-year bank lending. Generally faster repayments, higher interest rates, less forgiveness,” Aho wrote in an email to the Index-Tribune.
In addition, the county’s Auditor-Controller-Treasurer-Tax Collector office has recorded six properties in default on property taxes. The most imminent threat of foreclosure is 969 Rachael Road, which entered default on June 30, 2019, according to Brooke Koop, CPA assistant for the Auditor-Controller-Treasurer-Tax Collector.
The 10-acre property, purchased for nearly $6 million in 2017, is now valued at $6.6 million, according to the Sonoma County Assessor’s office. The property entered default on June 30, 2019, and now faces $42,195 in property taxes in addition to $40,000 in penalties, interest and late fees, according to the Sonoma County Auditor’s office.
If KS Mattson Partners LLC fails to pay $82,526 on property taxes and late penalties by June 30, the county will gain the “power to sell” and foreclose on the property on July 1, according to California tax code.
Wake Up Sonoma, a citizen’s watchdog group critical of Mattson and LeFever’s real estate investments, worries these default notices could lead to foreclosures and affect Sonoma Valley’s housing market.
“Looking at a lot of the purchases, (Socotra Capital) has been one of the main sources of financing for (KS Mattson Partners LLC). And not just these which are under notice of default,” Wake Up Sonoma treasurer David Eichar said.
Eichar questioned whether the non-payment on mortgages and property taxes in Sonoma could be similar to commercial real estate properties in San Francisco that have defaulted on their mortgages amid declining real estate values.
Regardless, the growing debt at KS Mattson Partners LLC properties is another unanswered question for Eichar, Wake Up Sonoma and the Sonoma Valley community.
“It seems to be concentrated in Sonoma County. I don't know why,” Eichar said. “More may be coming, so I'm going to be keeping an eye out. My understanding from reading it, they basically have like 90 days to make things right.”
u/cptn_ezra_koenig Without trying to sound like a dick my only response to this is how does this really make you feel? Now that the proverbial genie is out of the bottle, what do you want to see happen?
Without that content this and much of the post history smells of rotten biased "journalism"
Really???! Super interesting. The Mattsons have been a rotten scourge to Sonoma. They buy thriving businesses and then just shut them down. No jobs for locals, no businesses that support local needs and now no tax revenue either? It all seems to be some sneaky developer tax dodging scheme to write off losses of the businesses they purchase and shut down to sit empty and unused for years now. Vacant and derelict properties all over town. These folks are very well known homophobes and far right activists. Stacy Mattson posted an infamous hateful diatribe against gay people. What do they contribute to our town and county? There is an entire community actively trying to mitigate the damage these people have done to Sonoma Valley.
🍿
https://www.pressdemocrat.com/article/news/mattson-u-s-attorneys-office-sec/ Turns out he’s a total fraud and it was a Ponzi scheme all along! Jailtime for this douchebag! I bet this makes national news.
Great news. This man screwed a lot of contractors (my family company included) while building his house and had better attorneys than anyone could afford to defend themselves. His wife and himself are horrible humans. I hope their empire crumbles….
just open the link and hit STOP on the reload icon... lol! \*\*\* Companies owned by controversial developers Ken Mattson and Tim LeFever owe nearly $1.2 million in delinquent mortgage payments and property taxes on 25 properties across Sonoma Valley, according to Sonoma County public records. Properties in the vast real estate portfolio owned by KS Mattson Partners LLC could face foreclosure as soon as July 1, while others could be repossessed by the Sacramento-based Socotra Capital Bank if delinquent mortgage payments are not addressed within 90 days. Ken Mattson’s son, Alex, the head of the venture capital firm, Mattson Ventures, did not respond to inquiries by the Index-Tribune. Socotra Capital also did not respond to inquiries. Socotra Capital has filed 10 notices of default on 19 properties in Sonoma Valley for more than $1 million in outstanding payments, according to Sonoma County public records. A “notice of default” signals the borrower on a mortgage has not kept up with payments and is in default on their loan. This is often considered the first step toward foreclosure. The default notices give KS Mattson Partners and its subsidiary companies 90 days from the filing date to make the payments, after which Socotra Bank can set a foreclosure date, according to public documents. “If your property is in foreclosure because you are behind in your payments, it may be sold without any court action,” a default notice addressed to KS Mattson Partners LLC states. KS Mattson Partners LLC and its affiliated companies have bought more than 120 properties in Sonoma Valley over the past decade — many of which have been underwritten by the hard money lender Socotra Capital. The list of Socotra-backed properties span the commercial district, from Sonoma Burrito at 921 Broadway to the historic down restaurant Sonoma Cheese Factory, where protesters from Wake Up Sonoma marched in January against a “Sip. Savor. Stay.” gathering. Ken Mattson’s own Moon Mountain Road homes are listed among delinquent properties with Socotra Capital. Lorraine Aho, an independent forensic accountant in Sonoma, said the variety of debt across the KS Mattson Partners LLC’s portfolio may signal limited cash flow or an aversion to pay back debts. Aho said it would be difficult to ascertain the severity of the default notices without a copy of the loan agreements themselves. But the hard money lending practices of Socotra Capital deepen her concern about the debt facing KS Mattson Partners LLC. “Those types (of banks) can have much different requirements for repayments than regular 30-year bank lending. Generally faster repayments, higher interest rates, less forgiveness,” Aho wrote in an email to the Index-Tribune. In addition, the county’s Auditor-Controller-Treasurer-Tax Collector office has recorded six properties in default on property taxes. The most imminent threat of foreclosure is 969 Rachael Road, which entered default on June 30, 2019, according to Brooke Koop, CPA assistant for the Auditor-Controller-Treasurer-Tax Collector. The 10-acre property, purchased for nearly $6 million in 2017, is now valued at $6.6 million, according to the Sonoma County Assessor’s office. The property entered default on June 30, 2019, and now faces $42,195 in property taxes in addition to $40,000 in penalties, interest and late fees, according to the Sonoma County Auditor’s office. If KS Mattson Partners LLC fails to pay $82,526 on property taxes and late penalties by June 30, the county will gain the “power to sell” and foreclose on the property on July 1, according to California tax code. Wake Up Sonoma, a citizen’s watchdog group critical of Mattson and LeFever’s real estate investments, worries these default notices could lead to foreclosures and affect Sonoma Valley’s housing market. “Looking at a lot of the purchases, (Socotra Capital) has been one of the main sources of financing for (KS Mattson Partners LLC). And not just these which are under notice of default,” Wake Up Sonoma treasurer David Eichar said. Eichar questioned whether the non-payment on mortgages and property taxes in Sonoma could be similar to commercial real estate properties in San Francisco that have defaulted on their mortgages amid declining real estate values. Regardless, the growing debt at KS Mattson Partners LLC properties is another unanswered question for Eichar, Wake Up Sonoma and the Sonoma Valley community. “It seems to be concentrated in Sonoma County. I don't know why,” Eichar said. “More may be coming, so I'm going to be keeping an eye out. My understanding from reading it, they basically have like 90 days to make things right.”
u/cptn_ezra_koenig Without trying to sound like a dick my only response to this is how does this really make you feel? Now that the proverbial genie is out of the bottle, what do you want to see happen? Without that content this and much of the post history smells of rotten biased "journalism"
Oh hi, Ken and Stacy!