Feb. 25, 2010 11:55 a.m.—The 9900 Wilshire Blvd. property controlled by Project Lotus LLC, a joint venture with Kaupthing Bank and Guernsey based development company, CPC Group, was foreclosed on this morning in Norwalk, Calif.  by means of a public auction conducted at 10: 30 am.
There were no bidders other than the lender, Banco Inbursa, which now owns the property.
Spokeswoman from Candy and Candy, Nina Sanders, said early this morning that CPC Group and the lender had reached a final agreement.
When asked whether the agreement called for the public sale to proceed today, she declined to comment.
“We are disappointed not to be involved in Beverley Hills, however this was a direct impact of Kaupthing going into administration in October 2008,” said the spokeswoman.
Check back at bhcourier.com and tomorrow’s Beverly Hills Courier print edition for further details.