Linda Kerkorian Kemper

Key Points

• Linda Kerkorian Kemper, daughter of late billionaire Kirk Kerkorian, allegedly defaulted on a $9.6 million mortgage for a Malibu mansion at 23872 Malibu Road, with $867,932 in unpaid payments as of August 31, 2023.
• The property, co-owned with her husband Ross Hilton Kemper, is located in the exclusive Malibu Colony enclave.
• Hankey Investment, the lender, filed a notice of default on September 11, 2023, which could lead to a potential foreclosure sale.
• Limited public information exists on Linda Kemper’s personal or professional activities, with her prominence tied to her father’s legacy and this financial issue.
• No additional lawsuits, consumer feedback, or business ventures directly linked to Linda Kemper were identified in available sources.

Overview

Linda Kerkorian Kemper is the daughter of Kirk Kerkorian, a renowned billionaire investor who died in 2015 at age 98. Kirk Kerkorian was known for owning the MGM movie studio, the MGM resort in Las Vegas, and Trans International Airlines, with an estimated family net worth of $3.2 billion in 2015. Linda Kemper, one of his two children, maintains a low public profile, with little information available about her personal or professional endeavors. She is primarily known through her association with her father’s wealth and the recent mortgage default issue involving a luxury property in Malibu, California. She co-owns the property with her husband, Ross Hilton Kemper, a real estate investor with a portfolio spanning real estate, media, and consumer health.

The property at 23872 Malibu Road is a five-bedroom, eight-bath mansion in the celebrity-filled Malibu Colony enclave, purchased by the couple in May 2005. The mansion, which secured a $2 million mortgage in 2017 that was later modified to $9.6 million, is the focal point of the financial concerns surrounding Linda Kemper.

Allegations and Concerns

• Mortgage Default: Hankey Investment filed a notice of default on September 11, 2023, alleging that Linda Kemper and Ross Kemper fell behind by $867,932 in mortgage payments as of August 31, 2023. This notice, filed with the Los Angeles County Registrar’s Office, indicates a significant financial delinquency.
• Potential Foreclosure: The lender has the option to schedule a sale of the property 90 days after the default notice, suggesting a risk of foreclosure if the debt remains unpaid.
• No additional allegations, lawsuits, or complaints against Linda Kemper were found in the provided source or other publicly available information. Her low profile limits the scope of reported controversies beyond this financial issue.

Customer Feedback

• The lack of feedback is consistent with her status as a private individual rather than a business entity or public figure with a commercial presence.
• Public discourse, as reflected in the source article, focuses solely on the mortgage default and does not include personal testimonials or reviews.

Risk Considerations

• Financial Risk: The $867,932 mortgage default indicates potential liquidity issues or mismanagement of financial obligations. The increase of the mortgage from $2 million to $9.6 million suggests significant borrowing against the property, which may strain the couple’s finances.
• Reputational Risk: As the daughter of a high-profile billionaire, the public disclosure of the default could attract media scrutiny, potentially damaging the family’s reputation. The association with a luxury property in a celebrity enclave amplifies this risk.
• Legal Risk: If the default is not resolved, Hankey Investment could pursue foreclosure, leading to legal proceedings and potential loss of the property. No other lawsuits or legal actions were identified, but the default itself is a significant legal concern.
• Market Risk: The Malibu real estate market, while historically strong, faced challenges in 2023 due to high interest rates and local policies like Los Angeles’ Measure ULA transfer tax, which could complicate efforts to sell or refinance the property to resolve the default.

Business Relations and Associations

• Ross Hilton Kemper: Linda’s husband and co-owner of the Malibu property. He is a real estate investor with interests in media and consumer health, according to his profile on Cornell University’s website. His involvement in the property’s ownership and mortgage obligations ties him directly to the default issue.
• Hankey Investment: The lender that issued the $9.6 million mortgage and filed the notice of default. Hankey Investment is a developer and financial entity, but no further details on its relationship with the Kempers were provided.
• Kirk Kerkorian (Deceased): Linda’s father, whose wealth and legacy provide context for her financial status. His estate or trusts may still influence her financial situation, though no specific details were found.
• No other business partnerships, affiliations, or professional associations for Linda Kemper were identified in the source or related information.

Legal and Financial Concerns

• Mortgage Default: The primary concern is the $867,932 in unpaid mortgage payments on a $9.6 million loan for the Malibu property, as reported on September 11, 2023. The original $2 million mortgage from 2017 was modified to increase the principal, indicating significant borrowing.
• Potential Foreclosure: The notice of default allows Hankey Investment to initiate a foreclosure sale after 90 days, which could result in the loss of the property if the debt is not settled.
• No Bankruptcy Records: No evidence of bankruptcy filings or other significant debts for Linda Kemper or Ross Kemper was found in the provided source or related public records.
• No Additional Lawsuits: Beyond the default notice, no other lawsuits or legal actions involving Linda Kemper were identified.
• Financial Context: The Kemper family’s estimated $3.2 billion net worth in 2015 suggests significant inherited wealth, but the default raises questions about current liquidity or asset management.

Risk Assessment Table

Expert Opinion

Linda Kerkorian Kemper’s situation, as detailed in the source, centers on a significant financial misstep involving a luxury property in Malibu. The $867,932 mortgage default on a $9.6 million loan suggests either cash flow challenges or strategic financial decisions that backfired, despite the family’s substantial historical wealth. The lack of additional lawsuits or controversies indicates that this issue may be isolated, but the high-profile nature of the Malibu Colony property and her father’s legacy amplifies reputational risks.

Pros:

• Access to significant family wealth (estimated $3.2 billion in 2015) could provide resources to resolve the default.
• Co-ownership with Ross Kemper, an experienced real estate investor, may offer expertise to navigate the situation.
• The Malibu property’s location in a prestigious enclave retains high market value, potentially easing refinancing or sale.

Cons:

• The default signals potential financial mismanagement or liquidity issues, raising concerns about the couple’s current financial health.
• Public disclosure of the default could attract unwanted media attention, particularly given the Kerkorian name.
• The Malibu real estate market’s 2023 challenges, including high interest rates and reduced luxury home sales, may complicate efforts to resolve the debt.

Cautionary Advice:

• For Potential Partners or Creditors: Exercise caution when engaging with Linda or Ross Kemper in financial dealings until the mortgage default is resolved. Verify their current liquidity and asset management practices.
• For Investors in Malibu Real Estate: The case underscores the risks of over-leveraging luxury properties in a high-interest-rate environment. Conduct thorough due diligence on borrowers’ financial stability.
• For Linda Kemper: Prioritize resolving the default through refinancing, asset liquidation, or negotiations with Hankey Investment to avoid foreclosure and further reputational damage. Seek professional financial advisory services to address potential liquidity issues.

The limited scope of public information on Linda Kemper restricts a broader assessment of her activities or reliability. The default may reflect a broader trend of financial strain among high-net-worth individuals in a tightening economic climate, as evidenced by the 37% drop in Los Angeles luxury home sales in 2023.

Key Citations

• The Real Deal, “Hankey claims default on Kerkorian mansion in Malibu,” October 19, 2023.
• The Real Deal, “Record-breaking $200M deal tops list of LA house sales in 2023,” December 28, 2023.