You could own a slice of what once belonged to Peregrine Financial Group CEO Russ Wasendorf, Senior. Wasendorf awaits sentencing in the Peregrine scandal that left $200 million in customer funds missing. Assets will be auctioned Wednesday, December 5th, live and online.
Monday, four pieces of Wasendorf's property were officially listed for sale. The myVerona Restaurant in Cedar Falls and Wasendorf's private estate are generating the most interest in the listings so far.
The asking price for myVerona is nearly $1 million. Wasendorf's home on Cedar Wapsi Road is listed at $750,000. Those involved in settling the case are thrilled to begin selling Peregrine's assets, but in the long run, the properties won't come close to recouping all of the $200 million in missing customer money.
myVerona Italian Restaurant has been shuttered since the Peregrine Financial scandal erupted July 13th. Now, a for sale sign graces the front door, and several prospective buyers are already taking notice.
"We'll see a lot of action here initially. The purchaser, ultimate purchase, of this is going to have an incredible opportunity to re-engage the staff that was here before," said Fred Miehe, Sulentic Fischels Real Estate agent.
Unless a buyer closes a deal on myVerona fast, everything inside the restaurant will be sold off piece by piece at an auction next month. That auction will also include Russ Wasendorf Senior's personal belongings, ranging from golf clubs to an extensive wine collection, furniture, artwork, and more.
"I'm not sure really what the final tally is with the amount of losses they're looking to recover. But ours are going to be kind of simple, and they're not going to get close to $200 million," Miehe said.
The next major piece of real estate to move is Wasendorf's sprawling residence in rural Cedar Falls. It sits on 20-acres. The home is fairly modest with three bedrooms and bathrooms. But the estate includes a carriage house, wood shop, and massive pool house with sauna, steam room, bathrooms, and is topped off with a retractable roof.
Agent Fred Miehe knows selling it all won't undo the damage the Peregrine scandal has caused, but also knows it's an important step in bringing the case to a close.
"There's some real people out there that have lost probably, could be their savings, and we want to do the best job we can for them," said Miehe.
In addition to myVerona and Wasendorf's compound, a warehouse in the Cedar Falls Industrial Park is also up for sale with a price tag of $295,000. There's also a home for sale in the Fieldcrest addition in Cedar Falls, which was a PFG corporate house, used for business guests.
The PFG headquarters, with an estimated $30 million plus value, will be put on the market in about two weeks.
Once an offer is put in on a property, a court-appointed bankruptcy lawyer in Chicago will tentatively accept it, until getting final approval from a judge.
Right now, sale is already pending for the myVerona Deli.
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