JCPenney at West Oaks Mall: To the Bank

Buyers didn’t show up for the latest sale at the old JCPenney building next to West Oaks Mall. So Wachovia Bank will foreclose on the property soon, the CoStar Group reports.

The bankruptcy trustee for the collapsed financial empire of Edward H. Okun had listed the vacant building, which Okun’s 1031 Tax Group had bought for $4 million. But no buyers were willing to pay even the amount of the financing, which was $3 million.

The Houston JCPenney building and a mall in Salina, Kansas — also now facing foreclosure — are Okun’s last remaining properties.

2 Comment

  • Why isn’t this crook doing hard time yet?

  • He is — Has been in jail since he was arrested by the Feds March 17, 2008. This week he was convicted in a Richmond, Va. Federal Court of 23 counts of conspiracy to commit wire fraud, money laundering, bulk cash smuggling and perjury the maximum sentence for which is 400 years so “Fast Eddie” will die in a federal prison. All those charges related to his having “borrowed” $126 million in 1031 exchange funds he was holding in escrow for 350 clients across the country. His cohorts and co-conspirators had previously pleaded guilty 10 years (Lara Coleman) and 5 years (David Field and Richard Simring) — all former employees (CCO, CFO and Counsel to) IPofA, Okun’s supposed real estate investment company. His defense tried to describe him as a business man with a plan that failed. West Oaks Mall would be just one example of Okun’s brilliant investment acumen. More indictments likely to follow.