"Lamumba Inc., operating as Geoffrey's Inner Circle, has attracted interest from a nonprofit to purchase the four-story building at 410 14th St. and 1411 Franklin St. The building totals 40,000 square feet, a marketing flyer states, and was constructed in 1901. The bankruptcy case filing warned there were no assurances that a deal for the sale of the building would be successfully completed or that the property owner would be able to avoid a foreclosure of the site by its lender."
"Oakland Private Industry Council (OPIC) has obtained approval to continue negotiations with Lamumba to purchase the property with the purchase price sufficient to pay the secured creditors in this case, Lamumba stated in court papers. The statement of interest in the property includes a purchase price of at least $4.2 million, Lamumba stated in court documents. In April 2025, property lender Tellone Mortgage Fund filed a notice of default that stated a $4.25 million loan that Tellone had provided to Lamumba in 2021 was delinquent"
Lamumba Inc., operating as Geoffrey's Inner Circle, owns the historic four-story Athenian-Nile Club Building at 410 14th St. and 1411 Franklin St. in downtown Oakland. The 40,000-square-foot building was constructed in 1901. Oakland Private Industry Council (OPIC) submitted a statement of interest that includes a purchase price of at least $4.2 million and has obtained approval to continue negotiations. The proposed purchase price is sufficient to pay secured creditors in the bankruptcy case. Tellone Mortgage Fund filed a notice of default in April 2025 saying a $4.25 million loan made in 2021 is delinquent. Geoffrey Pete previously opposed a 40-story housing tower next door; the tower's developer remains in a legal dispute with Lamumba over a fire-escape ladder.
Read at www.mercurynews.com
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