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Bleak House

Page 4 of 4

In January 2006, Bebbling sold the property to Cordo Company for $2 million. The sale put $625,000 cash into Bebbling's pocket after owning the property for less than six months and securing rubber-stamp approvals from the City of Tempe for a major project.

Rather than moving forward with construction, earlier this month Cordo listed the property for sale, asking $3.2 million.

The former ASU president's home is now the target of intense real estate speculation that likely will lead to high-density development in an old residential neighborhood.

Taxpayers and students, once again, get screwed because ASU failed to sell the property at the highest and best price by simply holding a well-publicized public auction.

Meanwhile, May, who had the highest net offer, is royally shafted, while two insiders -- Bebbling and Tseffos -- each made a killing.

And just to add insult to injury, the property still appears as of June 4, 2006, on the Maricopa County property tax rolls as being owned by the Arizona Board of Regents, which, as a public entity, doesn't pay property taxes.

Nearly a year after ASU sold the residence, no property taxes have been paid in a deal that grossed Bebbling $625,000.

Now that's an extra bonus on a sweetheart deal that should have been captured by ASU for the benefit of students and taxpayers.



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John Dougherty
Contact: John Dougherty