The Altamuras

Recently, an incident that took place in the Real Estate market which happens from time to time but never to this extent. He was a walk in at a local Real Estate office in downtown Hermosa a few weeks ago just looking for a rental. After deciding to see some property to buy instead, he pulled the trigger and wrote on a tear down on The Strand. This buyer, or lack there of,  was from out of the country and didn’t have any idea of the South Bay but did like the atmosphere and vibe it presented. He made the deal for just over $3 million but was still stuck with the issue of finding a place to live. Fortunately for him, the Listing Agent had a rental unit above his garage that he had for when his extended family or any guests were in town. Moreover, the Listing Agent was also a builder and was working on terms to have the new buyer use him to build him a custom home. This couldn’t of worked out any better, right? Here is where it gets interesting. The buyer, from Oslo Norway, had a complete set of bank statements and wire transfer statements that showed his legitimacy to all parties. Once the deal was consummated, and in escrow, the buyer was apprehended by the Hermosa Beach Police Department for Fraud, including scamming banks, car dealerships and now property owners. More of this story can be seen from the Beach Reporter September 1, 2011 issue