Le Lézard
Classified in: Business
Subject: RLE

Gryphon USA Ltd. to auction San Diego County home of former Root Inc. executive as part of effort to recoup losses from $9.4 million fraud allegations


The U.S. District Court for the Southern District of Ohio has ordered the sale of the San Diego area home of former ROOT Inc. (NASDAQ/GS:ROOT) marketing executive as part of a $9.4 million fraud case the property and casualty company filed in February.

RAMONA, Calif., Sept. 27, 2023 /PRNewswire-PRWeb/ -- The U.S. District Court for the Southern District of Ohio has ordered the sale of the San Diego area home of former ROOT Inc. (NASDAQ/GS:ROOT) marketing executive as part of a $9.4 million fraud case the property and casualty company filed in February.

"This is an ideal auction property. We look forward to identifying the new owner as well as working with the Receiver and the Court to recapture funds for creditors in the case"

The court has directed Richard Kruse, president of Gryphon USA Ltd., to offer the 3,844-square-foot home of Brinson "B.C." Silver at auction as Root seeks to recoup unauthorized payments the former chief marketing officer allegedly executed to entities controlled through a third party.

"This is an ideal auction property. We look forward to identifying the new owner as well as working with the Receiver and Court to recapture funds in the case" said Kruse.

The four-bedroom ? including two master suites ? Highland Hills residential property at 19803 Vista Del Otero, Ramona, Calif. sets on 26 acres and features a ocean and mountain views. In addition to an office space, the property has a 12kW owned solar system with five Tesla Powerwalls and oversized two- and four-car garages.

The home also has three full baths and two half baths, bamboo floors, a 700-squre-foot covered patio with fire pit, a dual-fuel oven in the kitchen and a multi-zone HVAC system.

The Zillow real estate research site estimates the value of the home between $1.79 million and $2.29 million and the auction Opening Bid has been set at only $750,000.

The home sells intact, with all of its current furnishings and other contents.

Separately, two luxury SUVs are also available.

Open house showings will take place Saturday, Sept. 30 and Saturday, Oct. 14 from 11 a.m. to 3 p.m. The online bidding will take place at www.RamonaAuction.com. The online bidding ends Wednesday, Oct. 18 at 6 p.m. Pacific Time.

Tyler Hagerla, of Coastal Premiere Properties, is assisting with the sale.

About Gryphon

Gryphon USA, Ltd. is a multi-faceted asset management and liquidation firm comprised of multiple divisions including a receivership and asset management group, a full service real estate brokerage and a nationwide provider of auction services.

Media Contact

Richard F. Kruse, Gryphon USA, 1 614-774-4118, [email protected], www.GryphonUSA.com

SOURCE Gryphon USA


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