Everett-based developer’s $2.5M home could be sold

SEATTLE — An embattled Everett-based real estate developer could lose one of his two Bellevue homes if a court-appointed receiver gets his way.

The receiver, Michael Grassmueck, asked U.S. District Judge James Robart for permission Tuesday to sell developer Lobsang Dargey’s $2.5 million house in the upscale suburb’s Bellewood Farms development.

The house, like all assets belonging to Dargey and his myriad businesses, were frozen after the U.S. Security and Exchange Commission sued the Tibetan-born man for allegedly defrauding foreign investors out of tens of millions of dollars.

All of that money was supposed to go to development projects in Everett and Seattle. However, Dargey allegedly used the money to bankroll other developments and for personal use, including to partially pay for the Bellewood Farms house, according to the SEC.

Dargey paid $2,473,500 for the Bellevue home in late 2014.

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