The owner of a historic building in downtown Oakland, known for housing the jazz club Geoffrey’s Inner Circle, has filed for bankruptcy protection after defaulting on a $4.3 million loan and facing possible foreclosure.
Lamumba, operating as Geoffrey’s Inner Circle, initiated Chapter 11 bankruptcy proceedings. This move allows the company to delay foreclosure while a federal court oversees its financial reorganization, according to reporting by the Mercury News.
Court documents state that the property at 410 14th Street and 1411 Franklin Street is valued at $12 million. Geoffrey Pete, CEO of Lamumba, noted that the last appraisal in 2018 placed the value at $8.4 million and indicated efforts are underway to secure an updated appraisal.
Tellone Mortgage Fund, which provided financing in 2021, issued a notice of default in April stating that Lamumba was behind on its loan payments.
Built in 1901 and formerly known as the Athenian-Nile Club Building, the four-story structure includes retail space on the ground floor, a jazz music venue and event space on the second floor, and a ballroom with a commercial kitchen on the third floor.
Geoffrey Pete previously tried to block development of a nearby 40-story residential tower but ultimately withdrew his appeal before a final hearing in January 2024. He told city officials that such development could negatively impact his business. According to Pete, he dropped his opposition after receiving assurances from the Oakland City Council that support could be provided for Geoffrey’s Inner Circle and related cultural organizations. However, Pete later claimed that approval of those resources was repeatedly removed from council agendas.
While plans for the residential high-rise have been approved, there is no set timeline for construction or completion.
Pete purchased the building in 1993 and turned it into a center for culture and commerce in downtown Oakland. In addition to Geoffrey’s Inner Circle, current tenants include Fourteenth Street Market, Timbuktu 1, Yoko African Art, Minto’s Jamaican Patties and Juice Bar, Oakland Ink, Joyce Gordon Gallery, Central Nails and Truve Fit.
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