The city of Agoura Hills purchased land east of Old Agoura at a foreclosure sale for something in excess of $650,000 as I remember. They were the only bidders at this sale.
What they did not understand, but other potential buyers did, was that they were buying a property subject to a superior note secured with a deed of trust in the amount of $2 million. They cheered and thought they had made the steal of the century, when in fact it appears that they made the blunder of the year.
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