The Las Vegas doctor who foreclosed on Gary Dragul’s Cherry Hills mansion now wants the court to appoint a receiver to boot him off the property before he can trash the place.
The 12,286-square-foot home at 10 Cherry Lane Drive was custom-built by Dragul, who is facing 15 counts of securities fraud in connection with his real estate dealings. Public records show the property was bought June 5 at foreclosure auction by Nick Liu, the same Las Vegas orthopedic surgeon who initiated foreclosure proceedings last year after Dragul defaulted on a $2 million loan.
Eight days after winning the auction and assigning his title in the home to an entity called XNL Capital LLC, that entity sued Dragul in Arapahoe County District Court, asking a judge to appoint a receiver to oversee the property.
The lawsuit alleges that Liu’s attorneys contacted Dragul’s attorney the day after the sale to discuss Dragul “departing from the Property in a prompt and orderly manner.” As of a week later, Dragul’s representative had not responded, the lawsuit says.
“Given Dragul’s alleged criminal and fraudulent behavior, allegations of his ongoing efforts to hide assets, and his failure to respond to efforts by Plaintiff to coordinate his orderly departure from the Property, Lender is concerned that Defendant may engage in destructive or otherwise detrimental behavior towards the Property,” the lawsuit reads.
The lawsuit also says that in early June, the receiver overseeing the assets of Dragul’s business — which are steadily being sold — told a court that they believe Dragul is continuing to hide or refuse to turnover assets. They asked the court to give them access to Dragul’s mansion.
In response to the latest lawsuit, the judge did ultimately appoint a receiver to oversee Dragul’s mansion: Eric Grothe, with The Receivers Inc. He was tasked with removing Dragul from the property, court documents show.
Grothe, an attorney for XNL Capital and an attorney for Dragul did not respond to separate requests for comment this week.
The home which Dragul listed for $6.95 million this spring, still, shows up as for sale on REColorado, with a list price of $5.99 million.