I recently wrote on the fact that at least seven members of the Los Angeles City Council are landlords, which may well have something to do with their reluctance to implement serious and effective protections for vulnerable tenants during the pandemic. And in the last few days tenants’ rights activists have organized two demonstrations at the home of Los Angeles Mayor Eric Garcetti to protest his failure to implement a blanket eviction ban and rent forgiveness during the pandemic.
So it didn’t really surprise me that much to learn that Garcetti is also a landlord. But I was surprised by the layered complexity of his real estate holdings, at least as compared to the fairly straightforward setups the Councilmembers have. It all starts, of course, with his Form 700, which lists three properties on Schedule B. One of these is a commercial building in the City of Beverly Hills but the other two are residential rentals in the City of Los Angeles.
First up we have 1299 Meadowbrook Avenue, which consists of three units, bought by Garcetti and his wife, Amy Wakeland, in 2016 as reported in the Los Angeles Times. On August 8, 2018 Garcetti and Wakeland formed the 1299 Meadowbrook LLC and then a few days later signed over the property to that entity as recorded in this grant deed. According to the Times article in 2016 the main house was listed at $5K per month and the two apartments at at least $2K each.
The next property listed is 1809 W. 37th Place, which is a duplex near Exposition and Western. This is listed as Amy Wakeland’s sole property, which is consistent with the grant deed, on which Garcetti’s name does not appear. She bought the property on July 10, 2018 and, I guess to be extra-safe, that same day Garcetti filed a transfer deed assigning his rights in the property to Wakeland.
And then things get really interesting! On Schedule A-1 of his Form 700, which covers “Stocks, Bonds, and Other Interests,” Garcetti lists a couple of limited partnerships, which are IPDR Associates and Del Rey Vista Associates. Later, on Schedule C, it turns out that IPDR owns a hotel at 435 Culver Blvd and Del Rey owns an apartment building at 11519 Culver. These two corporate entities were formed decades ago by zillionaire real estate developer Edward Zolla and are now owned by his widow, Susan Zolla.
Continue reading Eric Garcetti And His Wife Amy Wakeland Own Three Rental Properties Between Them — One Commercial In The City Of Beverly Hills — And Two Residential In The City Of Los Angeles — But Even More Interesting Than That Is Garcetti’s Shares In Two Real-Estate-Owning Limited Partnerships — Formed Decades Ago By Zillionaire Gil Garcetti Crony Edward Zolla — And Now Controlled By His Widow Susan Zolla — Both Of Whom Have Been Major Donors To Eric Garcetti’s Campaigns — And Apparently Also To His Personal Wealth By Allowing Him To Partner Up With Them In A Hotel And An Apartment Building