A real estate agent in Orange County, California, has filed for Chapter 7 bankruptcy.
A real estate agent in Orange County, California, has filed for Chapter 7 bankruptcy.
John McMonigle, of Newport Beach, plans to keep his business running while the filing is processed, a report said. He owns multiple real estate entities, but did not specify which are part of the filing.
McMonigle recently had defaults on four of his properties, including his headquarters and a mansion he was in the process of building, according to The Orange County Register. The mansion, which was originally valued at $87 million, was devalued to the current price of $37 million, and a lender is attempting to have a U.S. bankruptcy court assume control of the property.
Another estate that was in McMonigle’s control was sold for $34.1 million, after being originally valued at $75 million, according to the news source.
The McMonigle Group has a history of success, including multiple years in Coldwell Banker’s top U.S. sales team list, the news source reported. The real estate agency is no longer associated with the chain, as McMonigle’s company formed an independent firm.
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