A well-known commercial real estate broker from Florida has filed for bankruptcy amid a run of financial setbacks suffered during his time as a real estate developer. According to his Chapter 7 bankruptcy petition, the man carries a specified debt of $3.2 million and several other debts where the amount owed is unknown.
The man left the brokering business several years earlier and spent time as a developer. But, after some business setbacks, he returned to his former profession. In a prepared statement, the broker said that the real estate collapse in Florida was a major contributing factor to his financial struggles. He also brought up the fact that bankruptcy protection was the only viable option left in order to get out of debt and take control of his finances.
The bulk of the man’s debt — almost $3 million — is owed to ACG-Miami Green LLC, a company involved in the development of one of the broker’s signature buildings. Several projects the broker was involved in were foreclosed on within the past few years, including a $38.9 million foreclosure judgment over the same signature building connected to his personal debts. In this case, the lender iStar Tara won the judgment.
Other foreclosures involved a group of nine residential condos and a nearly 26,000-square-foot building.
The man’s debts, despite a successful track record in real estate, highlight the struggles many individuals and families have suffered nationwide following the housing crisis. For many people, large debts can be difficult to overcome, and bankruptcy may be a solution to rectify these difficult financial situations.
Source: South Florida Business Journal, “Broker William Holly files Chapter 7 bankruptcy,” Paul Brinkmann, March 1, 2012