REAL ESTATE
RTC Accuses Newport Beach Developer of Overcharging: Three real estate companies owned by developer Donald Koll overcharged the government $648,961 for managing an office building, according to a federal audit. Resolution Trust Corp. sent a letter to Koll demanding repayment after the audit showed that Koll affiliates improperly billed RTC for an executive recruiter, sports club memberships and bonuses, a spokeswoman said. A Koll Co. spokeswoman said the company had no comment. Among RTC’s findings, the audit showed Koll Management Services charged $416,000 for personnel, $83,000 in office expenses and $14,000 in other charges that the management fee should have covered.
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