The Emperor Norton Trust

TO HONOR THE LIFE + ADVANCE THE LEGACY OF JOSHUA ABRAHAM NORTON

RESEARCH • EDUCATION • ADVOCACY

Filtering by Tag: Sheriff's Sale

Joshua Norton, Eternal Optimist

Between 1853 and 1859 — a period during which the courts handed him a series of crushing legal defeats that ultimately forced him to declare bankruptcy in 1856 — Joshua Norton engaged in a pattern of making bold public moves that belied — and defied — the harsh facts on the ground.

We recently discovered two early markers in this pattern that appear to have gone undocumented before now:

1) In August 1853 — on the eve of his first major court loss — Joshua offered himself as a Whig candidate for California State Assembly.

2) Under the terms of the Fourth District Court’s ruling of August 1853, the Court ordered the San Francisco sheriff to seize and sell two of Joshua Norton’s properties. In November 1853 — three days before the sale — Joshua took out a newspaper ad seeking a loan for $7,500, possibly part of a gambit to buy back the properties.

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Joshua Norton's Losses, 1854–1856

In October 1854, the California Supreme Court upheld a lower-court ruling against Joshua Norton & Co. in Ruiz v. Norton — the famous “rice case.”

Details of the fallout from this ruling suggest that Joshua already was overextended and carrying heavy debt before the rice fiasco; that he was overinvested — and highly leveraged — in real estate; and that, in general, his wealth was much more fragile and precarious than often is supposed.

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