Friday, October 22 2021

The real estate license of a prominent Merced County broker was revoked by the state last month, according to California Department of Real Estate records.

Michael V. Salvadori has, in recent years, been the subject of several state audits of his real estate company’s trust funds, according to CDRE files.

A real estate trust is a pool of money managed by a broker, such as Salvadori, which is primarily used for escrow payments.

The findings of the audit led the state to take Salvadori’s license, according to the documents.

Salvadori says an employee embezzled money from the accounts and restored the accounts.

“While I had a licensed real estate agent as a manager, as a broker I was responsible for any discrepancies,” Salvadori says in an email response to the Sun-Star. “So I paid back every penny that was missing with funds from my personal accounts. ”

State records indicate that Salvadori handed over the keys to her business to Erin Hamm and her husband, Eric Hamm.

Erin Hamm is the administrator of the Merced Union School District. She is also the daughter of Razzari Ford owner Tim Razzari.

Records reveal that two of Salvadori’s trust accounts were short over $ 400,000 over a period of seven years, according to audits contained in CDRE files.

A 2013 audit found that as of December 31, 2012, a trust fund was $ 292,945 short. The other fund was short of $ 110,840.11.

A follow-up audit in 2014 discovered another shortage of $ 3,113.99.

The checks also found that the money was taken without the written consent of the trust officers and that the brokerage did not properly document and receive the disbursements of funds deposited in the trust accounts.

Another audit in 2017 found even more shortages, according to CDRE records. One trust account was down $ 13,253.26, while another was down $ 18,161.92.

“I debated whether to bring felony charges against the people who robbed me, but ultimately decided I didn’t want to tear families apart by sending a mother or father to jail,” says Salvadori in his email. “It was a tough decision, but in the end I feel like I did the right thing.”

As a result of the findings, the unrestricted licenses of Salvadori and his companies were revoked for at least two years, the records show.

New company

Now when customers call the number Century 21 Salvadori Realty, they are hosted by Next Door Real Estate.

State registers indicate that Erin Hamm is the broker of Next Door Real Estate, which was officially active since last week.

Salvadori’s decision to pull out of real estate had been in the works for some time.

Over a year ago, he sold the real estate business to Rental Zebra, a company owned by Erin Hamm and some of her family, her husband said.

Salvadori and the Hammers were also in talks to sell them the real estate business, Eric Hamm said. But Salvadori wanted to complete his contract with Century 21 before selling the business, which the Hammers plan to run independently.

The majority of Century 21 Salvadori agents have indicated that they plan to stay with Next Door Real Estate, Eric Hamm said.

“Mike is a legend in the real estate world,” Eric Hamm said. “It’s tragic that at the end of his career he had to face what he had to do. But we believe the Salvadoran name is synonymous with giving back to the community.

“We hope to continue his legacy.

Deep links

Hamm and the Razzari family have a close bond with Michael Salvadori.

Salvadori donated $ 5,000 to the MUHSD Hamm school board election campaign in 2018, by far the largest contribution she has received, according to campaign fundraising records.

Salvadori has also contributed to several Merced County political campaigns over the years, including former Merced County District Attorney Larry Morse II and former Merced County Sheriff Candidate Frank Swiggart, whose wife, Conchita Swiggart. , worked as Salvadori’s assistant.

Vikaas Shanker is an award-winning journalist covering education, crime and the courts for Merced Sun-Star and Los Banos Enterprise. After growing up in Naperville, Illinois and graduating from the University of Kansas, he worked in several Chicago suburbs before moving to Merced County in 2016.


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