Oakland tower bought at a discount after foreclosure

"The Leamington Hotel was considered an architectural masterpiece when it opened its doors to traveling business executives in 1926. The luxurious Spanish-style hotel was designed by architect W. H. Weeks. Opulent social gatherings for wealthy Oakland residents were among the frequent events conducted at the Leamington."

"Bay Area real estate investor Edward Hemmat, through an affiliate, purchased The Leamington at 1814 Franklin St. for $14.4 million, 58.3% less than its prior value, according to documents filed on March 2 with the Alameda County Recorder's Office. The Leamington was taken back by lender CIT Bank in January 2025 through a deed in lieu of foreclosure."

"Famed aviator Amelia Earhart once occupied an office in The Leamington as she planned what turned out to be her final and fatal journey, according to multiple sources. In 1987, the tower was designated an Oakland landmark."

The Leamington, an 11-story historic mixed-use tower in downtown Oakland, was purchased by Bay Area real estate investor Edward Hemmat for $14.4 million through an affiliate, representing a significant 58.3% discount from its prior valuation. The property was foreclosed by CIT Bank in January 2025 through a deed in lieu of foreclosure, with the bank valuing it at $34.5 million. Originally opened as a luxury Spanish-style hotel in 1926 and designed by architect W. H. Weeks, the building became an architectural landmark and hosted opulent social gatherings. The tower was designated an Oakland landmark in 1987 and historically housed notable figures including aviator Amelia Earhart. The property now operates as mixed-use space with offices and ground-floor retail.

Read at The Mercury News