In Hermosa Beach, a beachfront home owned by a limited liability company linked to Jeff David, the former chief revenue officer for the Sacramento Kings basketball franchise, has come on the market for $10.8 million.
David, who joined the Miami Heat franchise in a similar position this year, is reportedly being investigated by the FBI and federal prosecutors in an alleged money-laundering scheme that diverted funds intended to be used for the Kings’ arena naming rights.
According to the Sacramento Bee, authorities suspect the funds were transferred into a limited liability company for which David is listed as the manager. In 2016, the corporate entity purchased the Hermosa Beach property in question for $8 million, as well as a Manhattan Beach town home for $3.8 million. The townhouse is currently listed as pending sale with an asking price of $4.299 million.
Found along the Hermosa Beach Strand, the three-story house has been completely remodeled and features artistic tilework, a new kitchen and pocketing glass walls that center on ocean views. The 3,152 square feet of interior includes five bedrooms, a living room with a fireplace and a dining area.
On the street level, a media room with a wet bar opens to a beach-facing patio.
Christa Lyons of Strand Hill Christie’s International Real Estate holds the listing.
David, 44, served as the Kings’ vice president of corporate partnerships from 2006 to 2010. Following a stint with the NBA league office, he returned to the franchise in 2012 as chief revenue officer, a position he held until this year.
The executive was initially placed on leave from the Miami Heat organization in August amid the investigation, but is no longer with the team, according to the Sun-Sentinel.