According to the LA Weekly, the home has been foreclosed on by the bank and has been trying to evict Namvar who has let the property fall into disrepair.
Ackman and Namvar believe the housing market is in the process of soaking up millions of excess housing units, with about 2 to 2.5 million units still to be absorbed.
The petition followed 17 lawsuits filed against Namvar, his company Namco, entities owned by Namvar and other Namvar family members, alleging breach of contract and contractual fraud in a case that attorneys estimate involves 300 to 400 creditors.
First there was the original Ponzi schemer of the modern era, Bernard Madoff, then came Philip Barry (aka the Bernard Madoff of Brooklyn), now the name has made it to the west coast with the Bernard Madoff of Beverly Hills, Ezri Namvar.