Councilman’s home again in foreclosure

Newport Beach City Councilman Ed Selich’s home is once again slated for foreclosure, according to a legal notice published this week in the Daily Pilot.

Selich made headlines in June when his Bayside Drive home was nearing bank auction, but he was able to stave off the proceedings.

Since then, he defaulted on the loan, but Selich says he again paid the bank enough to reinstate it.

“This was the result of a business matter and the issue has been resolved,” Selich wrote in a statement.

A former mayor, Selich oversees the city’s $241-million budget along with the six other council members. He has served on the council since 2005 and will be up for reelection in 2012.

As of Friday, a representative from the auction company said the foreclosure sale was still scheduled for March 8. Bank of America, his lender, declined to comment.

Mayor Mike Henn said he fully supports Selich.

“Any issues concerning his personal business or his private life are of no concern to me, as it relates to the governance of this city,” Henn said. “He has served this city at a level that exceeds virtually any other city council member … and I have every confidence that he will continue to do so.”

According to his biography on the city website, Selich has been a real estate developer since 1984 and has owned and operated a property management company.

Selich bought the home in 2000 for $1.9 million, according to public records. The public notice says he owes more than $2 million today, including fees incurred during the foreclosure process.