SAN DIEGO – The former home of Colorado Springs’ city manager and her husband was taken back by San Diego County CU Monday after the couple defaulted on the loan for a million-dollar property on the Huntington Beach boardwalk.
The credit union took the one-time home of Penelope Culbreth-Graft and her husband, William, back for $1.05 million, according to court records. She formerly served as city manager for Huntington Beach before leaving California to become city manager in Colorado Springs.
The home in Huntington Beach’s gated boardwalk community has been on the market since 2006, most recently with an asking price of $1.199 million.
The first loan on the property was for $1.14 million, records show. The house also has a revolving line of credit from the Huntington Beach City CU for $250,000. That credit union is suing the couple to get the money back.
