Ex-Senator’s Wealthy Image Takes a Beating : Finances: The politician suffers serious setbacks since listing his worth at $24 million five years ago.

During his 18 years in public office, former state Sen. Alan Robbins acquired a reputation as one of the richest politicians in Sacramento, a slick operator known as much for profiting from real estate deals as delivering the political bacon to constituents.

The dapper Democratic lawmaker lives in a 16-room home in the Encino hills purchased for $550,000 seven years ago. He once had a Ferrari. Applying for a bank loan five years ago, he listed his net worth as nearly $24 million.

But a different picture of Robbins’ finances has emerged recently, as federal investigators forced him toward his dramatic resignation and admission Tuesday that he was guilty of corruption following a two-year probe of his political and business dealings.

At the same time as the lengthy investigation was under way, Robbins was buffeted by serious financial difficulties, as indicated by the bankruptcy of a real estate venture he heads and his failure to make payments for three months on a $3.8 million personal loan. Along with a $250,000 fine and potential restitution orders he faces, his current net worth, although not publicly known, may be taking a battering.

Robbins could not be reached for comment Wednesday, but a top aide, Teri Burns, said he is “certainly not as flush as he was before all the legal fees,” a reference to the large sums Robbins has paid lawyers to deal with federal investigators. For the first six months of 1990, according to campaign fund reports to the state, Robbins paid $170,000 in legal bills, at least in part generated by lawyers contending with the federal investigation.

In a startling announcement Tuesday, Robbins acknowledged using his office to trade votes for money and agreed to serve five years in prison. He also pledged to pay the $250,000 fine and whatever restitution is ordered by a federal judge.

The move abruptly ended a long and tempestuous political career, during which Robbins earned substantial sums by developing apartment complexes and medical offices in Los Angeles and Ventura counties with a succession of partners.

One of Robbins’ attorneys, Tom Pollack, would not say Wednesday whether Robbins would be able to pay both the $250,000 fine and restitution.

“We’re hopeful that the court will not order any restitution,” Pollack said, adding that if restitution is ordered it could not surpass the $229,700 Robbins is accused of obtaining illegally. Courts typically agree to a payment schedule if a defendant cannot pay the full amount.

The federal penalties are not the only financial problems Robbins faces.

In July, a real estate partnership he headed filed for protection from creditors under Chapter 11 of the federal bankruptcy law, leaving debts of more than $7.6 million to various Los Angeles banks, lawyers and developers.

Robbins’ venture, Marina East Holding Partnership, went into bankruptcy partly as a result of the sluggish economy, the firm’s attorney, Lawrence A. Diamant, said recently. Marina East sold 16 acres of choice land in Venice to a developer for $45 million in 1989, but the developer’s own financial troubles cut payments to Robbins’ firm, whose only other partner is Robbins’ close friend, attorney Marvin Kay.

Among Marina East’s creditors are three Century City law firms that are collectively owed more than $540,000, according to bankruptcy papers. One of the firms, Irell & Manella, represented Robbins during the federal investigation.

The papers indicate that Marina East assigned to Independence Bank of Encino--as security on a $3.8 million personal loan to Robbins--a partnership interest in the venture. The bank’s chairman, Fulvio Dobrich, said in a recent interview that the lawmaker has not made any payments on the loan since August, and still owes $3.4 million.

Independence may be forced eventually to write off part or all of the loan, meaning stockholders would lose profits. Under California law, if no loan payments are made for 90 days, the loan is classified as “non-performing,” making it subject to a write-off order from bank examiners, said Stan Cardenas, senior deputy superintendent of the state Banking Department.

But Robbins’ handling of another real estate transaction indicates he has not been so desperate for cash that he would violate his past instincts by making a bad deal.

In May, he and other partners began trying to sell one of his most prized properties, a 213-unit apartment building in Westwood called Club California. Robbins developed the building and has had a financial interest in it for years.

Gregory Mills, vice president of Marcus & Millichap, which was marketing the property, said Robbins took the building off the market four months later when offers fell short of his $20.5 million asking price.

“The sellers wanted a premium price and we got several offers . . . but none were acceptable to the sellers,” Mills said.

Robbins, a managing partner who served as point man in the sales effort, did not act like someone in dire financial straits, Mills said. “If he was in a desperate position, he would have taken several of the offers,” which reached $15 million, Mills said.