Lifestyles Real Estate sued by investors who loaned $1.46 million for projects in Costa Rica, Geo...

Full story: Santa Cruz Sentinel

A trio of Watsonville produce shippers is suing Lifestyles Real Estate of Santa Cruz, alleging the company failed to pay back loans made three years ago totaling $1.46 million for two development projects.

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Seacliff Local

Watsonville, CA

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#1
Oct 27, 2010
 

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Brian DeDiego - I remember back in the old days when he owned a carpet cleaning business. I guess it's easier to clean up selling real estate.
J Paul Giddyup

Santa Cruz, CA

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#2
Oct 27, 2010
 
New fools are born every minute. A few key words to beware of in any investment: "Cayman Islands", "Decatur, Georgia", "Lifestyles", "Ocean View Property", "Luxury Community". A fool and his money ...
laurie

United States

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#4
Oct 27, 2010
 

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J Paul Giddyup wrote:
New fools are born every minute. A few key words to beware of in any investment: "Cayman Islands", "Decatur, Georgia", "Lifestyles", "Ocean View Property", "Luxury Community". A fool and his money ...
....21 percent interest, 12 percent return....GREEDY fools and their money......
Concerned in Corralitos

San Jose, CA

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#5
Oct 27, 2010
 
Remember the old warning "if its too good to be true it probably is". Anyone expecting 20% plus interest might want to get a clue that there is significant risk attached when the 10 year T Bill is paying less than 3%. At least the lawyers will be earning some fees.
random1

Watsonville, CA

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#6
Oct 27, 2010
 

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There are always two sides but the common denominator here is greed. Sometimes in an attempt for more, you end up with less. The only winners in this scenario: the attorneys.
dewy

Santa Cruz, CA

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#7
Oct 27, 2010
 

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These are all great guys and would not have done anything to take advantage of the investors. As we all know the economy didn't help.
Concerned US citizen

San Francisco, CA

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#8
Oct 27, 2010
 

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Buyer beware--that includes you--Santa Cruz County Bank!
Cuckoo clock says

San Francisco, CA

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#9
Oct 27, 2010
 

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An Offshore account in the Caymen Islands? If it sound too good to be true, it is.
Soquelino

Saratoga, CA

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#10
Oct 27, 2010
 
Investment involves risk. Sometimes you make money, sometimes you lose money. Big investment, bad timing.

This article seems very detailed considering the relatively small number of principals involved. Are these the only bad investments being made in town?
Ice Man

Santa Cruz, CA

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#11
Oct 27, 2010
 

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Again, why would you trust a Mervyn's underwear model with a sack of your money?(No pun intended)Who's the moron here?
wildman

Santa Cruz, CA

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#12
Oct 27, 2010
 
Guess the investors are finding out that 20% interest includes lots of risk.
Lydia

Hayward, CA

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#13
Oct 27, 2010
 

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Ice Man wrote:
Again, why would you trust a Mervyn's underwear model with a sack of your money?(No pun intended)Who's the moron here?
That's a comment completely uncalled for.
Ice Man

Santa Cruz, CA

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#15
Oct 27, 2010
 

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Lydia wrote:
<quoted text>
That's a comment completely uncalled for.
I'm just making a completely true statement. Some people are meant to be investors and some people are meant to be underwear models, no?
waaaaa waaaaa

San Jose, CA

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#16
Oct 27, 2010
 

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Lydia wrote:
<quoted text>
That's a comment completely uncalled for.

Give me a break Lydia! You must be related to these guys. Or the "other" woman, perhaps?
Stop protecting these sleeze bags.

At the same time, the Investors should have known better.
Selling Brooklyn Bridge

Sunnyvale, CA

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#17
Oct 27, 2010
 
Sure, I'll give you 20% interest. BTW, I have a project to sell you in Costa Rica
Bummer Ruffo

United States

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#18
Oct 27, 2010
 

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When ever you mess with a Croatian you put your own life on the line. Especially one whom has a legacy of farming in the Watsonville area. Might as well have ripped off the Italian Mafia cause your money is no longer gonna be good - even the original principal with infinite interest. KInd of ironic that an Italian (Locatelli) tried to scam an Eastern European. I'll take Milo over Musso anytime.
Not suprised

Castro Valley, CA

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#19
Oct 27, 2010
 

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Earlier comments have been removed, but it is clear that a number of people have had unpleasant experiences with these guys. Mine was no different. I remember talking with Paul regarding a property they had listed and he came off as downright arrogant. I wondered if it was just something about our particular interaction, but now it is clear that these guys are in need of some humility. Perhaps this situation will encourage some personal growth for them.
Realist

San Francisco, CA

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#20
Oct 27, 2010
 

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Never perceive as fraudulent behavior for what is more likely incompetence. These guys should have stuck to selling houses instead of international real estate. A Soquel High School degree can only take you so far and more than likely they just got in WAY over their heads.
allmine

Salinas, CA

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#21
Oct 27, 2010
 

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The attorneys will be the ones to pocket the big bucks here then cherry pick any left over real estate that might be left over at pennies on the dollar.
you sir are wrong

San Francisco, CA

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#22
Oct 27, 2010
 

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allmine wrote:
The attorneys will be the ones to pocket the big bucks here then cherry pick any left over real estate that might be left over at pennies on the dollar.
you are WRONG ... if these dirt pimps get stuck with a fraud judgment they will pay until the day they die, no discharging fraud in bankruptcy courts

would love to see plaintiffs with the guts to take this case to the wall and we can find out the truth

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