Exploring an ABANDONED Ranch and Hotel in CALIFORNIA CITY скачать в хорошем качестве

Exploring an ABANDONED Ranch and Hotel in CALIFORNIA CITY

Silver Saddle Ranch & Club in California City, was a secluded, rustic resort and campground in the Mojave Desert. Now it sits abandoned. At one time, described as having the following 45 hotel rooms including executive suites, bungalows, camping facilities, RV Park, dining room and saloon, recreation rooms, fitness center, pool, mini golf, lakes with water activities, and much more. Silver Saddle lured visitors with a free weekend at the ranch. nearly all Filipino, Chinese or Latino, and many spoke English as a second language. After a sales tour and high-pressure sales tactics, many were convinced to buy land . Silver Saddle was placed into receivership in September 2019 following lawsuit filed by the California Department of Business Oversight alleging the ranch was a front for about $30 million in fraudulent land sale activities. The ranch’s president was named as a major defendant in the case, along with Silver Saddle Ranch & Club, Inc.; Silver Saddle Commercial Development, LP; and the Galileo Commercial Property Owners Association, Inc. Charges were also filed against one of the company’s top sales people, and seven other former sales agents, managers and employees of the ranch in late May. According to DBO's lawsuit, Silver Saddle committed securities fraud in connection for the sale of 1,020 acres of vacant desert property, called the "Galileo Project" near the resort "a scheme that violated state securities laws that stretched back as 2011. More than 2,000 investors paid as much as $30,000 for part of the undeveloped desert land. The complaint alleged "the investments were not qualified or approved by the state as required and were sold with 'blatant misrepresentations' and ‘deliberate omission' of material information. An injunction ceased operations at Silver Saddle Ranch in late 2019 and a receive was named. Once closed the receiver stated that maintaining the property during a 5-month period alone cost $230,000. According to court documents, the ranch racked up yearly operating loses prior to the lawsuit. Beginning in 2014, Investors were told that the contributions made to a Capital Improvement Fund would appreciate in value and would later be used to develop the 1,020-acres desert plots into commercial and industrial properties. The securities were part of a larger investment package called “LandBanking Plus+” or “The Galileo Project,” which included the sale to these investors of 1/4000th fractional ownership interests in the \ desert plots, and membership in the Silver Saddle Resort Club (to which investors were obligated to pay monthly dues). Nealy 2,400 Californians made investments. Investors were told at the end of 2017, the Galileo Project had sold 2,294 of the 4000 units, when In reality, however, many of the closed units reverted to back to the president of the club when investors could not make payments. Shares were, simply resold to another investor, but the president continued to maintain a majority of the ownership interest. The California Department of Financial Protection and Innovation (“DFPI”) filed its civil lawsuit on September 9, 2019. In late 2020, a buyer offered 2.1 million for Silver Saddle and 900,000 for the Galileo Project vacant land. Because the Silver Saddle Ranch & Club and the Galileo Project land are worth far less than the investors paid into the Galileo Project, no investor will be returned all of the money invested. Instead, each investor will receive a share of the proceeds proportionate to his or her investment in the Galileo Project (a “pro rata share”). For example someone investing $30k, will only receive #3k. While disbursements were meant to be made after the escrow closing in 2021, the corresponding court cases held up that process and still have not been paid out… Update: in early March 2026, the main defendant plead guilty in the related criminal case. As part of his plea, he relinquished any claims to the funds collected by the Receiver. The Receiver now intends to file a Motion to Approve a Final Distribution to Investors.