Purchasers of Jacobs' house are identified

March 06, 1993|By Mark Hyman | Mark Hyman,Staff Writer

The mystery buyer of Eli S. Jacobs' Green Spring Valley home isn't a mystery anymore.

The six-acre estate of the Orioles owner -- sold last week at public auction -- was purchased by Timothy Weglicki, a managing director at Baltimore-based Alex. Brown Inc., and his wife, Denise.

The Weglickis, whose winning bid was $1.4 million, did not attend the auction, and their real-estate broker declined to disclose their names at the time.

But the couple's broker, Linda Corbin, confirmed their identities yesterday after they were named as the buyer in the Daily Record. She said they were reluctant to be identified earlier because "they just didn't want the notoriety."

Mr. Weglicki, who was traveling yesterday, could not be reached for comment. Ms. Weglicki could not be reached yesterday. Settlement on the house is expected in mid-April, Ms. Corbin said.

Mr. Jacobs, a New York financier, paid $2.25 million for the house in January 1990, borrowing $2 million from Mercantile-Safe Deposit & Trust Co. The bank began foreclosure proceedings two months ago, saying that Mr. Jacobs had stopped making his almost $20,000 monthly payments.

Mr. Jacobs recently gave up a home in California to settle a bank debt, according to court records.

The Orioles owner, who paid $5.6 million in December 1988 for the house in the upscale Los Angeles community of Bel Air, had financed the purchase with a $4 million loan from Boston Safe Deposit and Trust Co., according to court records filed in Los Angeles County state court.

But the bank took action against him in October, after he defaulted on monthly payments for the property, which includes five bathrooms, a swimming pool and four-car garage.

In an agreement with the lender, Mr. Jacobs transferred the house to a limited partnership, according to court records. The documents do not name the partners, but mail for the partnership was directed to the bank's address.

Mr. Jacobs, through his New York spokesman, said yesterday that he sold the house last summer or fall because "he never used it." The spokesman said Mr. Jacobs has never heard of the limited partnership named in the records.

A spokesman for the bank declined to comment on its dealings with Mr. Jacobs.

The two house transactions occurred while Mr. Jacobs was trying to restructure his finances and fend off creditors.

He has agreed to sell his 87 percent interest in the baseball team to investors led by Cincinnati businessman William O. DeWitt Jr., according to sources familiar with the talks. The offer is being evaluated by Mr. Jacobs' creditors, the sources said.

In the past year, four banks, including Mercantile, have filed separate suits against Mr. Jacobs seeking repayment of loans.

Another lawsuit, involving Mr. Jacobs' purchase of Rosenbalm Aviation, an airplane maintenance company, was settled out of court last week, according to two lawyers involved in the case. The sellers filed claims totaling about $15 million, alleging he had failed to make promised payments. Mr. Jacobs also filed suit, dTC claiming the former partners gave him fraudulent information about the company when he made his investment in 1989.

Last week's settlement, which has been sealed by the court, also resolved that claim, the lawyers said.

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