Foreclosed Malibu Home Used for Parties by Top Bank Exec

Losing your home to foreclosure is bad enough, but to lose it because you were a victim of Bernie Madoff’s Ponzi scheme and then to learn a top bank executive is allegedly using it as a party house?

Harsh.

The Los Angeles Times reported this morning that Cheronda Guyton, a Wells Fargo senior vice president, was spending weekends throwing lavish parties in the home, located at 23360 Malibu Colony Rd, Malibu, CA. Ironically, Guyton’s job is dealing with foreclosed commercial properties.

Neighbors in the Malibu, CA community and local Realtors were initially baffled by the bank’s unwillingness to put the home on the market. It was a neighbor who noticed Guyton throwing a party and did a little detective work. The Los Angeles Times reports, “Residents of the gated Malibu Colony said they obtained Guyton’s name from the community’s guards, who had issued her a homeowner’s parking pass.”

Malibu Colony occupies almost a mile of beach-front property in the heart of Malibu. Its residents include actor Tom Hanks, former Univision Chairman A. Jerrold Perenchio, and high-profile investment banker Michael E. Tennenbaum.

This is bad timing for the bank. The WSJ reports, “Banks like Wells are taking heat for failing to modify troubled mortgages quickly enough as part of the Obama administration’s $75 billion foreclosure prevention plan.”