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Another Lesson In How the World Works – Bellino Style

Posted by tinselkitty on April 20, 2011

It is with a heavy heart that Tinselkitty must announce that it looks like “Lessons In How the World Works” may need to become a regular feature ’round these here parts. Class warfare is alive and well here in ‘Murica and, while I might not be able to do much for the cause, I can get the word out on how some people get ahead while others, not so much. Hint: it really is who you know (or who you’re willing to get to know really, really well).

On the last episode of the Bellino mansion saga, we learned about the foreclosure and ownership of said mansion. In case you don’t remember, it was a business decision! And, it was the bank’s fault! And, it was foretold in ancient holy texts!

Thanks to our favorite real estate blogger, more shady details have come to light about this whole fiasco. Your Mama, besides being a most awesome storyteller, drops the dirty bomb in paragraphs five and six below.

From Real Estalker

Fasten your safety belts, butter beans, we’re about to dabble in a little dangerous but delicious real estate schadenfreude.

Back in early December 2007 Your Mama filed our most recent installment on the ongoing real estate saga of The Real Housewife of Orange County’s glitziest reality tee-veeproselytizer Alexis Bellino and her husband Jim, a businessmanof some sort who may or may not have committed some sort of white-collar crime.

At that time the blinged-out but (allegedly) cash-strapped couple faced losing a custom-built 6,900 square foot luxury mansion in Newport Beach, CA into the bitter maw of foreclosure. It may interest some of the children to know that the shingled 6 bedroom and 5.75 pooper property happens to be in the very same fancy gated enclave on Newport Harbor where current tabloid catnip Nic Cage owned a bay front home that he sold in 2007 for around $35,000,000.

In early August 2010, a Notice of Sale was recorded for Mister and Missus Bellino’s property that called for an auction date of August 25th, 2010 with a minimum bid of $4,619,188. TheMercedes and BMW-driving Bellinos somehow managed to hang on to the house but, alas, this would not be their only turn on the dizzying merry-go-round of foreclosure. Indeed, on the 18th of November, 2010 a second Notice of Sale was recorded with an auction date set for December 10, 2010 in Santa Ana, CA. The minimum bid, according to the docs we saw, was now set at $4,677,635.

Three short days before the scheduled auction, ownership of the property was transferred from Mister and Missus Bellino to Global Marine, Inc., a “business entity” of which Mister Bellino was the president. The company’s lone asset: unsurprisingly, the Bellino’s Newport Beach mansion. At some point Mister Bellino and his subordinate blond bombshell mommy-wife Alexis reportedly negotiated a loan modification with JP Morgan Chase (or whatever they’re called nowadays) that staved off a third auction scheduled for January 10th, 2011.

It wasn’t long after the mansion was transferred to Global Marine, Inc. in early December, 2010 that the company filed for Chapter 11 bankruptcy and on the 15th of March, 2011 Jesus Christ himself must have finally answered the Bellino’s real estate prayers because the mansion transferred back from Global Marine to Mister Bellino who in turn–glory be–sold it the very same day but at a steep and terrifying discount.

According to public property records, in August of 2007 the oh-so-flashy Bellinos took a whopping $4,560,000 mortgage when they acquired the property and they first attempted to unload their money-hoovering white elephant in early 2009 when they heaved the beast on the market with a desperately optimistic asking price of $7,995,000. Over the years the property was de- and re-listed a number of times with ever shrinking asking prices. The last known price tag was $3,395,000 and property records show that that Bellinos sold the property for $3,000,000. That, hunnies, is an unimaginably bountiful basket of money by the financial standards of most folks but for Mister and Missus Bellino it was a mind-bending multi-million dollar bang to their (allegedly) deserted bank accounts.

Iffin we’re being honest we’d admit that we aren’t really sure where the Bellino’s set up house after leaving Newport Beach. We suspect they’re holed up in a large but less well-located an still expensive rental house waiting out the financial storm.

Wherever it is they alit, we’d like to sincerely offer Missus Bellinoan entirely unsolicited word of advice: Listen here Glitter Kitty Glamor Puss, okay? Your husband, bless his heart, seems to be having some money troubles–he’s not alone in the twist of this soured economy, of course–and you have three little blessings from God to feed and dress in designer duds so you got to milk this Housewife thing for all it’s worth. Let’s be honest doll-baby, this nitwitted I’m-a-dress-designer thing can only end in tears and embarrassment–can you say She by Sheree?–and it seems to Your Mama that you’re not really qualified to do much else besides be a buxum reality tee- vee “star” with a sparkling set of veneers and a shiny mane of fake hair. What we’re trying to say is you just keep shaking your toned and taut money maker on The Real Housewives of Orange County for as many seasons as Bravo will pay your sinful grown-up ass to act like a petty and falsely naive junior high school girl who thinks baby-talk is sexy and can’t move her face due to an aggressive Botox regimen.

So…yeah. That’s some mighty slick maneuvering there, transferring ownership of a property in and out of a business within days of actions on the house. Not to mention, if this was really just a business move instead of a personal finances move, what’s with transferring it back into the Bellino name to sell it? Why not sell it as an entity of Global Marine and then write off the loss? Unless someone doesn’t want the finances of Global Marine looked into. Or, you know, God told them to do it. That might be it.

That’s funny how they were so keen on making sure to issue a statement to the press that it was purely a business move but when it reverted back into a personal move, not so much. You know, funny weird, not funny ha ha.

Wow, now I can’t wait to see Alexis talk about all this next week.


13 Responses to “Another Lesson In How the World Works – Bellino Style”

  1. cali said

    What they basically did in a nutshell was that:
    Before loss of the house, they managed to transfer the house to a ficticous company.
    Declare bankcruptcy to save the only asset of the comapny (remember that is allowed by law)
    While the bankruptcy procedure takes its long slog thru the system, he transfers the house back into their name (he’s the cEO rmember and can do what he pleases) so he can retain the house, which is no longer up for auction.
    He then sells the house for whatever, and keeps the money.

    Only problem is-it’s a fraud, and will be prosecuted, due to being an ‘intentional fraud’.

    These two are douche-and scumbags, and it’ll catch up soon. They claiming to be christian is an embarrassment.

  2. Rosie said

    @1 Cali..

  3. LWoo said

    What you said, Cali. Everyone is having hard times now. But, yes, what they did was fraud.

    Jimmy will do anything to keep his woman’s boobs upright and her smile pretty.

  4. Dy said

    Thanks for breaking it down Cali.. Sounds like the shell game huh.

  5. Bryan said

    Good Morning ALL!!!


  6. GingerTee said

    wow, these are not the acts of a beginner. It sounds like Big Jim must have played this game before

  7. @tweatcyn said

    Yup, really embarrassing to Christians. Doesn’t the home lose bankruptcy protection if it’s transferred back into private party title, and doesn’t the bank techically own it and have to sign off any property title transfer? Also, don’t they have to pay taxes on these transactions based on the value of the property? How do they think they can get away with this? Baffling.

  8. Dani said

    I wonder if some of Jim’s choice not to be involved in the show this year has to do with him not wanting to be publicly exposed on tv to such alledged doings as in this story. Kinda makes you question his motives anyway though I could be totally off base. However this guy always struck me as having a huge ego and was all about appearances.

  9. GingerTee said

    Wow, a few certain someones really hold center court at the Coffee House, they must really be in their glory

  10. BobLHead said

    I am so sick of these “reality” stars and their financial crap. Geez peeps, how about paying your bills like the rest of us????

  11. LWoo said

    AMEN to that, Bob! Every check, I set some money aside or pay bills. It’s neverending…so I’m SURE that they have money to set aside or pay bills since they at least get paychecks from Bravo. Or maybe they’re living beyond their means? Hmmm….let me think.

  12. Bryan said

    And the monkey flips the switch!

  13. […] with financial contracts and is adept at juggling around said contracts. For example, there is this one guy in Orange County that slid his multi-million dollar home around through shell companies while […]

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