Building History

Pasadena architect Wallace Neff (1895-1982) designed this for the financier Albert Lawrence Schoenborn (born 05/22/1890 in Buffalo, NY-d. 04/17/1929 in Los Angeles, CA), his wife Veral Horsky (born 09/28/1896-d. 12/21/1968 in CA) and their son, Lawrence Bruce Schoenborn (born 09/19/1921 in CA-d. 05/21/978 in CA). A.L. Schoenborn was a man in a hurry who enjoyed early success as a banker, establishing the Wilshire Building and Loan Association by 1922. He sold this bank to the State Guaranty Corporation four years later and became a vice-president within it. He later jumped to a vice presidency at the San Francisco-based Pacific States Savings and Loan Company (founded as the "Pacific States Savings, Loan and Building Company" in 1889), as manager of its Los Angeles office.

A.L. Schoenborn's rapid ascent was followed by a sudden fall. On 04/17/1929, the 38-year-old banker died of carbon monoxide asphyxiation in a Los Angeles garage. (See Steve Vaught, Paradise Leased.com, "Then & Now--4447 Cromwell Avenue," published 08/20/2013, accessed 08/01/2024.)

While the cause of death was not ruled a suicide, his bank was not on a solid financial footing in 1929. It owned a variety of properties whose value rapidly decreased after the Stock Market crash of 10/1929. Perhaps Schoenborn saw what was coming, perhaps not. In any event, the CA State Building and Loan Commissioner took control of the bankrupt Pacific States Savings and Loan Company, then the state's largest savings and loan, in 03/1939.

PCAD id: 25413