Today on the Southern California Real Estate Report we explore the melodrama which has become the City's purchase of 101 Ash Street.
Search warrants were executed at Cisterrra Development, Hughes Marino offices and the home of Jason Hughes, who was the broker on the deal of the Ash Street building.
Jason Hughes profited almost $10 million dollars from the deal that turned out to be one of the worst Real Estate deals San Diego has ever seen.
It has cost the City over $60 million on lease payments for a building that can not be occupied because of asbestos.
Asbestos should have been a major factor in the due diligence and purchase of the building in the first place.
Furthermore, the allegations are that Jason Hughes was not forthcoming on his involvement as a dual agent between the City of San Diego and Cisterra Development.
