A
Sonoma man, Ken Mattson, is suspected of running a real estate Ponzi scheme in the North Bay, leaving behind a trail of vacant properties and devastated investors. In 2021, residents began noticing that a company was buying up numerous homes and commercial properties in Sonoma, often leaving them unoccupied. It's now clear that this was a house of cards, and with the company's collapse, bankruptcy sales have begun.

    Mattson and his business partner Tim LeFever allegedly bought dozens of properties, promising investors they would be rebuilt and returned to their owners. However, many of these properties remain vacant, and Mattson paid above market rate for them. Investors, including elderly individuals recruited through churches, sent money that may never be recovered. When the company collapsed, Maria Crane lost her retirement savings, forcing her back into teaching at 65.

    The town has also suffered, with many properties tied up in court. The Sonoma Cheese Factory was even hit with a boycott when it was owned by Mattson. Now, as bankruptcy sales begin, some of these historic buildings may be sold to new owners who could receive community support. Mattson faces nine counts of wire fraud, money laundering, and obstruction of justice, but ironically, he stands to benefit from the sale of properties he co-invested in.

    Six LeFever-Mattson properties have been sold through bankruptcy so far, with dozens more to follow. Their initial purchases artificially inflated property prices, while their deflated sales prices are likely to bring down values for neighboring homes.