DFT Builders or “Dream on Productions” as one astute reader has suggested. Their 508 Round Hill “Georgian” isn’t doing so well at its asking price of $6.295 million which is odd, because the tax assessor has pegged the place as worth almost $3.0 million, and we all know how conservative those guys are. 27 Vineyard Lane bought with such fanfare and promised a thorough tearing down is back on the market as is and going nowhere, even though DFT dropped its price a cool million to $3.995 last month. I was up at 508 this morning, looking to see if maybe there was a Georgian hidden behind that cape but no luck. I did see DFT’s other project next door, 518 Round Hil Road, the one with a $6.2 million lis pendens filed against it: uh oh, some banker’s in trouble. There is a quarter-finished house on the site but no activity (duh) and very little sign of $6 million in construction expenditures. I thought construction loans were advanced in stages, as certain milestones were accomplished. If there’s that much money already advanced on this plywood palace, it must have come in all at once at the beginning. Hmmm.
DFT has also let the listing expire on 516 Round Hill Road, the sketch for which is shown above. I couldn’t get back to see whether there has been any progress made on that one or whether its acreage remains the fallow field it once was. Either way, I doubt that the company’s dream of selling it for $14 million is going to come to fruition soon.
I shouldn’t take any pleasure in all this, but anyone who proudly acclaims himself “the Tear-Down King” has it coming, in my opinion.
UPDATE! UPDATE! UPDATE!
Boy the things you learn from readers – lookie here:
Got a chuckle this morning reading your blog. Antares boys haven’t gone to jail however, Dominick DeVito
i.e. DFT LLC entered a guilty plea in a multi-million dollar mortgage and insurance fraud scheme. Poor lender who lent him the money! See www.mortgagefraudblog.com“
So it’s goodbye to the Tear Down King, I suppose. Too bad.
But wait, there’s more!
Here’s the indictment of Mr. DeVito. In light of my comments above wondering how $6 million could have been advanced on 516 Round Hill when it was so clearly unfinished, I find this part of the indictment interesting:
DEVITO and DIDONATO “cashed out” on certain properties by taking additional private loans against the already fraudulently-inflated sale price of the properties. The proceeds of these loans, which were never repaid in full, were deposited in a bank account used for the benefit of DEVITO.
If you follow the link to DFT’s website, be sure to check out the page devoted to Mr. DeVito’s magnificent contributions to various charitable organizations and his service on their boards. I’m sure we’ll hear more about all that at his sentencing; we always do.