Failed Marina del Rey condo project sold at auction

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Condos in a failed Marina del Rey complex built during the height of the real estate boom were auctioned at a discount Sunday with buyers spending $20.5 million for 41 units in two competitive hours of bidding.

The complex, called Element, at 4141 Glencoe Ave. was built by John Laing Homes and intended to appeal to young, single buyers, according to a report in The Times in early 2008. At that time, the builder hoped to sell units at prices ranging from about $569,000 for a 1,055-square-foot unit to $1.5 million for a 1,594-square-foot penthouse.

Only nine units were sold and the property was taken over by a consortium of lenders including Bank of America, Bank of the West and City National Bank.

Sunday’s sales prices were 33% over the opening bids and a total of 525 bids were received in two hours, according to the court-appointed receiver, Taylor B. Grant of Newport Beach-based California Real Estate Receiverships. The average price was just over $500,000.

“We think the results tend to indicate an emerging rebound of housing in Southern California,” Grant said.

-- Roger Vincent