Update on the City's Purchase of 101 Ash Street.

<p>Today on the Southern California Real Estate Report we explore the melodrama which has become the City's purchase of 101 Ash Street. </p><p>Search warrants were executed at Cisterrra Development, Hughes Marino offices and the home of Jason Hughes, who was the broker on the deal of the Ash Street building.</p><p>Jason Hughes profited almost $10 million dollars from the deal that turned out to be one of the worst Real Estate deals San Diego has ever seen.</p><p>It has cost the City over $60 million on lease payments for a building that can not be occupied because of asbestos.</p><p>Asbestos should have been a major factor in the due diligence and purchase of the building in the first place.</p><p>Furthermore, the allegations are that Jason Hughes was not forthcoming on his involvement as a dual agent between the City of San Diego and Cisterra Development.</p>