Changes at Belvedere Towers

Reported by: Terri Hendry
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Updated: 6/10 7:20 pm
Reno, Nev. (MyNews4.com & KRNV)--Some residents at the Belvedere Towers located in downtown Reno are wondering what is going on after noticing several changes. They're is a new sign on the lobby door indicating they will be issued a new key if their old one doesn't work. The leasing office is also closed because it's being moved from the first floor to the fourth floor. Finally, some employees and vendors have noticed a delay in some checks.

A few weeks ago, the property was appointed a court ordered receiver after one of the Belvedere's owners died in a May 6th car crash.  The body of California developer, 58-year-old Bijon Madjlessi, was found inside the wreckage of his car after it plunged some 400 feet down an embankment off Shoreline Highway east of Muir Beach.  The Marin County Coroner said the death could have been a suicide.

Prior to his death Madjlessi was facing mounting legal problems including a federal indictment listing 29 counts that were tied to his default of a $30 million dollar loan. Prosecutors say the scheme led to the collapse of the Sonoma Valley Bank.   

Steve Donell is the court appointed receiver. We spoke with him by phone today and he explained the changes as glitches in taking over the property.  He said, "In my capacity as a court appointed receiver, I'm required to open up a new trust account on behalf of the receivership of the estate and its just taken a little while in dealing with the legal department of various Nevada banks."  He adds, "The account was just opened yesterday and we are in the processof depositing checks starting tomorrow."  Donell said employees have since been paid but there are some delays for some vendors. He said, "Some of the vendors have been paid and other vendor payments are being held until our account is open as I indicated, it was just opened yesterday and so we expect to be releasing checks to vendors starting tomrrow."

The new locks were another glitch. Donell said, "We decided we wanted to move the management leasing office to the Tower Building as opposed to the adjacent lobby building." He added, "It was just a coincidence the lock mechanism broke and it was not repairable so it had to be replaced as a result and we had to issue new keys to all the tenants."

As for the future of the property, Donell said that is still an open questions. He said, "There's underlying litigation with a loan on the majority of the condo units. I'm not a party to that but the litigation is ongoing." He adds, "It will ultimately be resolved one way or another but given that I've only been the receiver for a couple of weeks, its far too early to tell how this will resolve."

In the short term he said there were more immediate concerns.  He said,"We are working to continue to provide professional property management services. We are also working to address any concerns the residents have and we welcome any questions as we're happy to answer them to the best of our ability."
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