Mastro Pieces and Michael’s Mansion

Mastro’s Former Medina Mansion

“Mastro Pieces” is the title of today’s Seattle Times article on the auction of Michael Mastro’s items that he left behind before he and his wife disappeared last summer. They remain at large following warrants for their arrest and court orders that they turn over jewelry valued at $1.4 million.The courts confiscated items left behind. These include the following items (and the auction net prices): 2007 Bentley ($95,500), Chihuly chandelier ($35,000), Steinway piano ($17,000) and four bottles of wine ($2,200). The auction netted a total $341,000.

The mansion was sold by the bankruptcy court in 2010 for $9.1 million. Unpaid debts are more than $270 million.

The Mastro bankruptcy, with original debts of $570 million, is the largest in Washington state’s history. Many “family and friends” lost their fortunes when his commercial real estate investment funds failed. More information about Mastro and his former Medina Mansion is in previous posts on 4/6/11, 11/10/10, 10/11/10 and 11/12/09 and Lake Washington 130 Homes on page 126.

Summer in Seattle

Our summer on Lake Washington has been fantastic! Many of our family and friends have been boating with us aboard Happy Hours and rave about the experience. Comments from out-of-towners include, “Our most memorable day in the Seattle area.” Comments from locals include, “The best day of our summer.”

We had 38 outings with over 300 passengers. Many others have stepped aboard at a dock. Others have swum or boated over and climbed aboard. Everyone loves the water slide! We’ve relaxed viewing the Map of the Stars, just enjoying the lake, going to waterfront restaurants and sunset rides. We viewed houses for sale and sold with Realtors and their clients. We’ve hosted premium charity auction item outings.

We’ve had slow rides pulling the big tube and higher-speed extreme tubing and water skiing. Because the boat has flat decks and a fabulous stereo system, we’ve had wonderful dance parties on the boat. We've had fantastic party times on the boat with the flotillas at Boating Opening Day, the 4th of July on Lake Union, Seafair, University of Washington "sailgate" parties, and in the party coves of Andrews Bay, Meydenbauer Bay, Fairweather Bay, and Cozy Cove. Pictures are up on a new Happy Hours Picasa web album.

Because of all the above, I am way behind in posting to this blog. I will be catching up!

Michael Mastro in the News

Mastro’s Former Medina Mansion Sold for $9.1 Million

Michael Mastro is back in the news. The Seattle Times 4/6/11 article stated, “Judge Marc Barreca turned down a bid by the guardian for the now-incapacitated Mastro to pay her, and her lawyer, from funds administered by Mastro's chief adversary, court-appointed trustee James Rigby.” Further details are in the article. The Mastro bankruptcy, with debts of $570 million, is the largest in Washington state’s history. Many “family and friends” lost their fortunes when his commercial real estate investment funds failed. Mastro was incapacitated following a head injury from a fall in his Palm Springs home two months ago. More information about Mastro and his former Medina Mansion is in previous posts on 11/10/11, 10/11/10 and 11/12/09 and Lake Washington 130 Homes on page 126.

Mastro Mansion Sells for $9.1 Million

The Seattle Times reported Michael Mastro’s Mansion sold for $9.1 million by the bankruptcy court. The buyers used an attorney to sign the documents to keep their identity off the official records.

My previous blogs below, dated 10/11/10 and 11/12/09, provide additional information on the Mastro bankruptcy and “family and friends” investors. The photograph above is from page 126 in my book, Lake Washington 130 Homes.

Seattle Times article:  Click here

More in formation is in previous posts on 10/11/10 and 11/12/09.

Mastro Mansion $9.9 Million Selling Price

The Seattle Times and Puget Sound Business Journal have reported Michael Mastro’s Mansion will soon be listed for sale by the bankruptcy court for $9.9 million. The Business Journal article includes numerous pictures of the interior. It has taken over a year for the bankruptcy court to take over the house and offer it for sale to provide some of the partial payment to creditors. The Mastros tried to set up and claim it as property not subject to the bankruptcy.

My previous blog below, dated 11/12/09, provides additional information on his bankruptcy and “family and friends” investors. The photograph above is from page 126 in my book, Lake Washington 130 Homes, http://www.hundredhomes.net/. I remember many times going by the Mastros’ mansion by boat and seeing a large parties (for family & friends?) with a band and waiters and waitresses in formal attire. The Evergreen-Point mansion is 7,050 square feet with 176 feet of waterfront. The Mastros paid $15 million for the mansion in July 2006.

Seattle Times article

Puget Sound Business Journal article with 16 pictures

(More in formation is in a previous post on 11/12/09 and an update is in an 11/10/10 post.)

Machael Mastro's Mansion

These are photographs of Michael R. Mastro’s Medina/Evergreen-Point mansion. It is 7,050 square feet with 176 feet of waterfront. The Mastro’s paid $15 million for the mansion in July 2006. I took these photographs and they are from my book, Lake Washington 130 Homes, http://www.hundredhomes.net/.

The Seattle Times and Puget Sound Business Journal have reported Michael Mastro, age 84, declared bankruptcy this summer. His investors included many “family and friends” who begged to let them invest in his commercial real estate projects. His projects, up until 2008, had substantially higher than average returns for more than 20 years. The publications also reported Mastro, regarding allegations that he tried to put this mansion, Rolls-Royce and jewelry out of reach of creditors, stated, “These allegations are misleading, incomplete and inflammatory.”