Bank Sues Lowry and 3 Partners Over Loan
Albert J. Lowry, an author of books on real estate investments, has been sued by a bank that claims he and the three other owners of a Westlake Village health club defaulted on a $350,000 loan.
California First Bank alleges in its Los Angeles Superior Court suit filed Aug. 21 that Lowry and his partners in Westlake Sporthouse never made any payments on the loan, which was negotiated in August, 1985.
The other Westlake Sporthouse partners named in the suit are Dennis W. Bower and Michael and Nancy Fiscus. The suit alleges that Michael Fiscus also defaulted on a separate $150,000 loan that Lowry guaranteed. The bank says Fiscus hasn’t made a payment on that loan, negotiated in January, 1985, since Dec. 2.
Neither Lowry nor his partners could not be reached for comment, and it was not clear whether they still own the club. A woman who identified herself as a receptionist at Westlake Sporthouse said employees were notified that the club recently changed hands, but the club’s managers weren’t available to elaborate.
Lowry, who lives in the Westlake Village area, is a leading advocate of investing in real estate without a down payment. His books include “Hidden Fortunes in Real Estate” and “How to Become Financially Independent by Investing in Real Estate,” which was a national best seller in 1980. In its court papers, California First included documents listing Lowry’s net worth as $12.1 million before the loan was made.
A Westlake Village firm known as Success Development Institute that promoted Lowry’s books, seminars and television programs closed last October under pressure from creditors that were owed some $2.5 million. Lowry later said he had not been active in running the firm for about two years, but records filed by the company with the California secretary of state listed him as its chief executive, chief financial officer and only director.
