May 7, 2010 3:49 PM by Kelly Bush
The Naples Coalition and Environmental Defense Center reported Friday that a foreclosure sale has been scheduled for the Naples development project on the Gaviota Coast. It's set to take place May 13 at 1 p.m. on the Santa Barbara County courthouse steps.
Title records show a default was recorded by First Bank in December of 2009 over a failure to make a $3.6 million interest payment in May of 2009. The Notice of Sale shows $78,410,682.33 is now due.
The 3,200-acre project was approved by county supervisors in 2008 and was to include 72 homes.
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