CoS Purchases Building for $5.3M- CASH!

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akdennis
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CoS Purchases Building for $5.3M- CASH!

Post by akdennis » Sun Mar 09, 2008 10:13 am

Several Portland papers have reported the purchase, by the Portland Church of Scientology, of a LARGE, historic office building in downtown Portland for $5.4 million CASH. Try this link for one of the articles:
http://portland.bizjournals.com/portlan ... ily28.html
Concerned about scientology since 1977.

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Sea Horse
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Post by Sea Horse » Sun Mar 09, 2008 8:31 pm

Bizarre. The article says:
After a years-long search for a building to call its own, The Church of Scientology of Portland has acquired the historic Stevens Building in an all-cash deal for $5.38 million.
...
According to county records, the Stevens Building has a market value of $840,960 and is assessed at $268,220. Its 2007 tax bill was $5,839.78.
and
The Church of Scientology apparently is encouraging current tenants to move out before their leases expire.
We are the architects of our own lives. Design and build the life you want.

Don Carlo
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Post by Don Carlo » Mon Mar 10, 2008 5:35 am

Hmmm, Buying it for six times market value, for cash.
Possible flipping fraud scenario - all hypothetical :
1. The previous owner pretended to received the 5 million, but really "paid back" most of it.
2. The real owner is a rich Portland public member
3. CoS arm-twists the real owner into taking out a multi-million dollar mortgage.
4. The public member gives most of the mortgage money to Miscavige.
5. The public member is expected to make the new building succeed wildly in attracting new members and course takers, and thus pay off the mortgage.
6. The new building doesn't attract the new members, and CoS forces the public member to pay off the mortgage.
7. The public member declares bankruptcy and the bank forecloses.
8. The public member is broke and sore, and CoS has walked away with millions.

Possible non-fraud scenario:
The CoS buyers were stupid to pay six times what the building was worth.

Criminality? Stupidity? Both? What do you think?

I've walked by the Salmon Street org a number of times years ago, and it was never busy. Portland just isn't interested in Scientology.

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exstaff
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Post by exstaff » Mon Mar 10, 2008 6:24 am

Sea Horse wrote:Bizarre. The article says:
After a years-long search for a building to call its own, The Church of Scientology of Portland has acquired the historic Stevens Building in an all-cash deal for $5.38 million.
...
According to county records, the Stevens Building has a market value of $840,960 and is assessed at $268,220. Its 2007 tax bill was $5,839.78.
and
The Church of Scientology apparently is encouraging current tenants to move out before their leases expire.
WOW... the taxes are gonna kill them the first year...

LANDLORD INT = FAIL
CMO + living beyond your means program = FEYL

Critic movement + INT Management insanity = 315

(they really bought that, if you build it they will come, wrong why...)

Maybe they will come for more auditions for Tom Cruise... :lol: :lol: :lol:

:kneesucker:
We do not forgive,
We do not forget,
We will not relent,
We are legion,

Expect us!

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brownjedi
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Post by brownjedi » Mon Mar 10, 2008 7:10 pm

I have got to think there is a scam going on here somewhere...just smells too fishy, but maybe they are that stupid...

Anybody have information on the previous owner?

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Sea Horse
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Post by Sea Horse » Mon Mar 10, 2008 7:20 pm

Reminds me of the recent Boston Org purchase referenced in this thread:
viewtopic.php?p=299971&highlight=purcha ... fic#299971
CoS bought the building and adjacent building for $4.5m while they were on the market for $3.2m. This resulted in the purchase being fast-tracked with no community involvement whatsoever.
Maybe someone should look into the other buildings recently purchased by the CofS around the country. Check into how much they were being marketed at, how much the county property appraiser's office thinks they were worth, etc.

In a depreciating real estate market (not all of the USA, but most of it) it does seem very odd to be "over paying" for real estate. And I would think that large commercial buildings would be the slowest to sell and the most likely to be purchased BELOW asking price, not above it.
We are the architects of our own lives. Design and build the life you want.

akdennis
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Location: Redlands, CA

Post by akdennis » Tue Mar 11, 2008 10:14 am

brownjedi wrote:I have got to think there is a scam going on here somewhere...just smells too fishy, but maybe they are that stupid...

Anybody have information on the previous owner?
Some of the articles talked about the previous owner. If I remember correctly, it was sold to the CoS by a non-profit charity foundation that was set-up by a wealthy Portland citizen, but I don't know how long ago they bought it. I don't know who owned it before the foundation. They may have purchased it recently with the eye of selling it to this "nice church" that needed a new home. If this is true, I think we are not doing a good enough job in Portland in educating the public about scientology. I know this still leaves the question of why the CoS paid a premium price for it. I think somebody may have misquoted the value.
Concerned about scientology since 1977.

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