Inglewood elected officials are purchasing property in the city left and right. District 2 Councilman Alex Padilla and his wife Stella recently became majority owners in a home a stones throw from the NFL stadium. The transaction is peculiar in it resembles a similar purchase made by Inglewood Mayor James Butts with a real estate investor back in 2017.
In August 2017, Mayor Butts and his wife Judy purchased 8808 S. 5th Ave. The property was purchased initially on a line of credit by investment group Morgan Picks 1 LLC. The investor added the mayor and his wife as “Party 2” on the property 8/25/2017 with the homes listed value as $710,000. On the same date, transaction records show he purchased the property and became “Party 1” at the reduced price of $629,300. Mayor Butts and his wife sold the property in February 2018 for $715,000.
It appears that Councilman Padilla is playing from the same deck of cards as his former boss.
Councilman Padilla and his wife Stella have purchased 213 W. Hardy St in conjunction with Miguel Padilla. The homes owner, Daniel and Maria Navarro, added the Padilla’s as “Party 2” to the property on 7/31/2018 with the home’s value listed as $490,000. On the same day, Alex, Stella and Miguel became “Party 1” at the reduced price of $440,900. It is unclear whether the property was in foreclosure or not.
Miguel Padilla owns 33% while Alex and his wife own 66.67%. The home was NEVER assigned an MLS number for this transaction.
Local business owners have asked 2UrbanGirls to look into “HP Capital Investments” who is allegedly buying up property in the city at the behest of Councilman Padilla. Apparently the “P” stands for Padilla.
Miguel Padilla is listed as an employee of HP Capital Investments Inc. a long time family owned business chaired by Hector Padilla. Miguel’s job is to find new investments for the company. The company previously owned extensive real estate in Inglewood in the early 2000’s then sold them off.
After Alex became councilman in 2013, HP Capital Investments purchased four properties in the city of Inglewood, which are all strategically located near the soon to be completed NFL stadium and possible Clippers arena.
- 613 S. Prairie
- 10601 S. Prairie
- 4115 W. Century Blvd.
- 1237 S. Flower St.
Although this isn’t illegal, it clearly shows this mayor and council were aware of the trajectory of the city, as early as 2001, years before the residents, and made plans to cash in once elected.
Mayor Butts’ bad habits are infecting the Inglewood City Council dais and residents should be sick and tired of the unethical antics of him and his cronies.