Shutterstock/Zhukova Valentyna
- Michael Shvo's high-end condo project in Beverly Hills is in default on its $200 million mortgage.
- A Shvo spokeswoman said the group plans to sell the remaining condos in a bulk sale and reinvest.
- The potential foreclosure is the latest setback in Shvo's sprawling property empire.
Michael Shvo, who shot to prominence in recent years buying billions of dollars of trophy real estate assets, has defaulted on the debt connected to a luxury condo building in Los Angeles.
In a notice filed with the Los Angeles Recorder's Office on August 21, the lender Acore Capital said that a Shvo-controlled entity, BSD Beverly Hills Propco, owed roughly $200 million tied to 9200 Wilshire Blvd. in Beverly Hills.
The notice stated that it could allow Acore to initiate a foreclosure sale within three months.