Calif. District Might Be Stuck with Former Chief's Condo

Monday, October 1, 2012

Whether they like it or not, the Santa Clara County Board of Education may be stuck with $175,000 or more in losses from the underwater luxury condominium that ex-Superintendent Charles Weis is trying to unload.

That's because the board awarded Weis a generous contract with few guarantees for itself. And it appears its only recourse is to take possession of the condo or to foreclose on Weis.

As part of his contract when hired, Weis was given a low-interest, no-down-payment home loan of $915,000 that didn't require him to make any payments until moving out or leaving office.

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