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.