Fallbrook Golf Club owner Jack Lamberson has been served with a notice of default from Chicago Title Company, the trustee for Ronald Richards’ D-Day Capital, LLC.
A notice of default, the first step in the foreclosure process, is a notification given to a borrower stating that he or she has not made their payments by the predetermined deadline. It dictates that if the money owed (and sometimes additional legal fees) is not paid in a given time, the lender may choose to take possession of the borrower’s property.
Richards, an attorney who operates out of Beverly Hills, purchased the notes on the 116-acre Gird Valley property from First National Bank of Denver on June 28. The notice of default was filed with the San Diego County Recorder on Sept. 1 and states that as of Aug. 30, Lamberson owed $53,208.24 in past due payments.
The notice of default states: “If your property is in foreclosure because you are behind in your payments, it may be sold without any court action, and you may have the legal right to bring your account in good standing by paying all of your past due payments plus permitted costs and expenses within the time permitted by law for reinstatement of your account, which is normally five business days prior to the date set for the sale of your property. No sale date may be set until approximately 90 days from the date of this notice of default.”
Lamberson purchased the property in a short sale in June of 2012 and said he soon found the 18-hole golf course to be a losing proposition. He has been trying to sell Fallbrook Golf Club for more than two years and reportedly has been involved in serious negotiations with real estate brokers the past few weeks.
Lamberson closed the golf course – for the third time this year – on July 26 and hasn’t appeared to have provided the property with any water or maintenance since the closure. That non-action prompted Richards to take further action beyond the notice of default.
“D-Day Capital also filed a judicial foreclosure and waste action against Jack Lamberson personally and his corporation,” said Richards in an email to the Village News. “We recorded a lis pendens against the property as well. [A lis pendens gives notice to all there is a pending action filed in court affecting the property]. We are seeking $1,000,000 in damages against Jack and his corporation personally. D-Day Capital rarely settles cases and pushes them to trial or stipulated judgment.
“Mr. Lamberson’s closure has triggered a negative covenant default and he is causing waste to our secured collateral. We expect to foreclose on the asset but are still hopeful that Mr. Lamberson will resolve the matter with D-Day Capital, LLC. However, until then, he is our number one target.”
The Village News attempted to contact Lamberson for this story, however, he declined to return phone calls.