For the five-month period of September 2019 to March 2020, water, electricity, labor, and insurance costs for the Ranch was approximately $230,000. If $100,000 is distributed, then Investor A would get $3,000 and Investor B would get $5,000. As such, while we have carefully considered the concerns raised by these investors, they do not have legal standing to object to the sale. The Receiver has been marketing the Ranch through a real estate broker for sale since May. The listing is available here: On September 28, the Receiver agreed to a sales price of $2,100,000 for the Ranch. The hearing originally set for August 19, 2020 on the Receiver’s motion to approve the sale of real property owned by Silver Saddle Ranch & Club, Inc. has been taken off calendar. July 10, 2020 – Offer to Purchase Silver Saddle Ranch and Club. For additional details on the sale of the Ranch, please see below. In sum, the Receiver (1) completed the efforts to vacate the Burbank office and relocate the business records to the Ranch (which defendants had in process at the time of the TRO); (2) retained a former employee to be the full-time caretaker of the Ranch; (3) secured insurance for the Ranch; and (4) continued to minimize operating expenses at the Ranch. Escrow was opened on September 29, and the proposed buyer has 21 days to clear contingencies. Emily confronts the owner of Silver Saddle and walks away doubting herself. “We want to make sure no one else is harmed and to recapture as much of the investors’ money as possible.”. An injunction was filed against Maney, the Silver Saddle Ranch and Resort, Inc and several others in September 2019, preventing the further sale of land, freezing assets related to the activities. The True family welcomes you to the ranch that has been their home for over 55 years. SACRAMENTO – The Department of Business Oversight (DBO) announced today that a state judge has granted its request to shut down an alleged investment fraud that collected more than $30 million from illegal land sales and other charges associated with the Silver Saddle Ranch & Club in California City, California. On September 24, 2019, the San Diego Superior Court issued a Temporary Restraining Order (“TRO”) with asset freeze and appointment of a Receiver over the Receivership Defendants (Silver Saddle Commercial Development, LP; Silver Saddle Ranch & Club, Inc.; The Galileo Commercial Property Owners Association, Inc., as well as any other entity that has conducted any business related to Defendants’ offering and selling of the Galileo Project investment contracts). Should the Court order the sale to go forward, the Receiver intends to recommend to the Court that the sale proceeds be used to fund an investor distribution. The escrows for the Ranch and Galileo Project property have been cancelled. The Court is currently scheduled to hear DBO’s motion for preliminary injunction on July 24, 2020 at 9:00 a.m.  DBO also added Kelly Maney, Maria Rosales, Robert Kvassay, and Richard Huebner as additional defendants. The current sales brochure for the Ranch and the Galileo Project can be found in the Documents section of this webpage. Even though operating expenses have been reduced, maintaining the Ranch continues to drain the limited resources of the Receivership Estate. People who own or operate a ranch … A telephonic hearing has been set for August 27, 2020 at 9:00 a.m. to allow for full briefing on the matter. Both the Ranch and the Galileo Project property are listed for sale. A copy is available the documents section of this webpage. The Ranch is listed for $1,874,500. Also, inclusion of the prospective intervenors as parties would enlarge the issues in the case because many of the approximately 3,000 investors have disparate opinions regarding disposition of the receivership estate.”  A full copy of the Court’s Minute Order is available in the Documents section of this webpage. Importantly, the Receiver intends to request the Court authorize that the Galileo Project vacant land be conveyed with a clear title and free of the Galileo Project investors’ fractional interests. If you have further questions or need more assistance, please call our Customer Service Office at: 1-866-275-2677. The median days on the … The Receiver also filed a Response to the Motion to Intervene filed by Antonio Garcia and Carlos Novelo. Searches View 23 photos for 829 Saddle Rd, White Settlement, TX 76108 a 3 bed, 2 bath, 1,756 Sq. Most of the investors speak English as a second language. 8201 Silver Creek Road, White Settlement, TX 76108 (MLS # 14506639) Profile. The next thoroughfare was Silver Creek Road. The Court determined that the Receiver had shown it was necessary to sell the Ranch, given the ongoing maintenance costs and the limited funds remaining to pay them. The reason the Receiver took the motion to approve the sale off calendar is that shortly after the Receiver accepted an offer to purchase the Ranch, another individual, who had also presented an offer, complained about the sales process and his interaction with the real estate broker. Each sale is alleged to be a separate violation. Silver Saddle is a development on the edge of California City, a town of 13,000 on the high desert an hour north of Los Angeles. California City … Motion to Approve Distribution Method and Procedures filed – Telephonic Hearing on March 19, 2021 at 9:00 a.m. Before the Receiver can distribute funds to investors, the Court must approve a distribution process. We have received emails and letters from a small number of investors (who appear to be coordinating with Antonio Garcia and Carlos Novelo, and their United Owner Investors, Inc.) objecting to the sale of the Ranch. View all homes on Silver saddle The investments were not qualified or approved by the state as required and were sold with “blatant misrepresentations” and “deliberate omission” of material information, the complaint alleges. A ranch (from Spanish: rancho) is an area of land, including various structures, given primarily to the practice of ranching, the practice of raising grazing livestock such as cattle and sheep most often applies to livestock-raising operations in Mexico, the Western United States and Western Canada, though there are ranches in other areas. Instead Judge Wohlfeil treated the ex parte application as an application for order shortening time, which he granted. While we have heard from a number of Galileo Investors (who are coordinating with Antonio Garcia and Carlos Novelo, and their United Owner Investors, Inc.) objecting to the sale of the Ranch, the investors do NOT hold an interest in the Ranch property. As the Receiver mentioned in his last update, the same proposed buyer who offered $2,100,000 for the Ranch also offered $900,000 for the Galileo Project vacant land. The judge’s order can be found here (PDF). The state filed an injunction and lawsuit against several people accused of $30 million in fraud and illegal land sales, including Maney and Silver Saddle Ranch & Club, Inc., among several others. Temporary Restraining Order and Appointment of a Receiver Issued by San Diego County Superior Court. Frequently Asked Questions (FAQs) (Feb. 8, 2021), Receiver's Motion for Proposed Distribution to Investors (Feb. 8, 2021), Receiver's 3rd Interim Status Report (Jan. 14, 2021), Minute Order Granting Receiver’s Motion to Approve Sale of Ranch (Nov. 6, 2020), Receiver's 2nd Motion to Approve Sale of Ranch (Oct. 13, 2020), Receiver's 2nd Interim Status Report (Sept. 15, 2020), Silver Saddle Resort Sales Brochure (August 24, 2020), Galileo Parcels Sales Brochure (August 24, 2020), Receiver's Ex Parte Appl'n for Order Cancelling Escrows (Aug. 5, 2020), Preliminary Injunction re Accelerated Assets; SS Purchco; and Pahrump Valley Real Estate Co. (July 24, 2020), Minute Order re Motion to Intervene and for Preliminary Injunction (July 24, 2020), Moody Decl.