Skip to comments.The World's Number One Real Estate Agent Just Filed For Bankruptcy
Posted on 06/06/2011 10:06:38 AM PDT by SeekAndFind
John McMonigle claims to be the world's number one real estate agent. With $2.5 billion in residential sales over the past six years, this 46-year-old realtor may well have been.
And now he's declaring bankruptcy.
According to the Orange County Register, McMonigle has amassed $50 million in debt, even after selling his luxurious Newport Beach condo, his car and personal effects.
The Oklahoma native started small, arriving in California with only $73 in his pocket in 1989. But within four years he was grossing $100,000 a year.
McMonigle's ascension through the ranks of top realtors reached dizzying heights during the years of the housing bubble. In 2006, he was living in an $11 million estate, driving a Maybach, and giving tours of a $75 million listing on the Oprah Winfrey Show. He launched his own M Magazine, marketed yachts, jets -- accessories to match the lifestyle he sold with his homes.
Then the bubble popped.
McMonigle was counting on selling $45 million worth of real estate per month, but only closed about $25 million to $35 million per month. Soon the bills started catching up.
(Excerpt) Read more at businessinsider.com ...
Poster boy for what happens when you don’t live within your means?
This is a big deal for real estate because this guy caters to wealthiest in the country and athletes. In Southern California, Newport Beach area, he was King. If this guy is out, that means, the Real Estate Cancer got into the most expensive and beautiful area by the pacific ocean.
The economy is imploding.
I see a family in that picture, and know that financial trouble usually spells a family falling apart. Hope the best for this young man on digging out, and hope that many chose to skip posting wisearse comments.
Being RICH and LIVING rich are 2 different things. This guy played the game like a fool. If he would have paid off his real estate as he acquired more and was only a little leveraged he would have been okay. But this guy spent it all, lived high, and fell far.
This guy is an idiot, he is still worth 78 bucks.
Can Billy Ray be far behind?
The $25-35 million he actually closed WAS the $45 million he was counting on, before the high end market imploded..
Looking good, Billy Ray!
I’ve told my husband that even if we hit the mega-millions jackpot I would still shop at Marshalls and Kohl’s. I can’t stand the thought of paying full price for anything.
I’m always amazed by folks who think good times last forever, and that good times are proof of their brilliance.
Eventually his ego wrote checks his body couldn’t cash.
The bankruptcy filing comes a little more than a week after McMonigles wife, Robin McMonigle, filed for divorce, according to Orange County Superior Court records.
There may be more at work here than it appears.
During the Madoff case, Ruth was allowed to keeep about $2 mill that was suppposedly hers.though it wasn't. It was part of the deal Bernie worked out for his cooperation.
Or his bank.
I make these comments in love and hope.
Ye shall know them by their fruits (Mt. 7:16).
We can learn what God wants us to do, how he wants us to live, by reading the Bible; we can see it’s truth demonstrated around us, and use that for a learning tool for ourselves.
The Bible teaches that we should not spend more than we make and that we should not live beyond our means, financing our purchases by borrowing. If we take teaching to heart, and truly follow it (and it is a hard teaching to abide by), there’s no way, mathematically, that we can go bankrupt.
And that is not some finer point of theology. It’s very basic Christian thinking that can often be a hard pill to swallow, even for Christians.
Contrary to the teaching of some, all money and wealth is not bad or something to be avoided. In fact, we are commanded by God to provide for our families. There is no Biblical prohibition of acquiring quality wordly goods, which may be costly to purchase, but are well worth the price. But the moment we start having LIABILITIES and DEBT, we are straying from the straight and narrow path. If one truly IS WEALTHY and CAN AFFORD what one is buying, there would logically be NO NEED TO BORROW, one could pay cash. And then there will be NO BANKRUPTCY.
The book of Proverbs, of course, is infinitely valuable as a guide in the practical side of life.
I think by Cailifornia law they can only charge 3% commission. So this tool was blowing through $750K - $1.05 Million a month but he needed $1.35 Million!
Alec Baldwin and his wristwatch which is more expensive than the house you losers own: Super RE Agent Blake's movtivational speech in the screen version of David Mamet's Glengarry Glen Ross.
The wife is now available, and comes from money.
I’ve never understood the attraction of the multimillion dollar estates.
I have a dream home thought up, if I ever won the lottery. It’s a 2700 square foot home that will cost me about 600 thousand to build or so.
Did they have any kids?
“I have a dream home thought up, if I ever won the lottery. Its a 2700 square foot home that will cost me about 600 thousand to build or so.”
I live in 2200 square foot house that if I hit the lottery, I’d just do some of the things I want done, (all at once). I’m over 50, and soon there will be just 3 of us in the house. A house bigger than the one I’m currently in would just be a bother.
Now with those winnings, I might have to expand the garage, and I’d definitely acquire a new Corvette ZR-1.
I’m 65. I’ve already drawn up the downsizing home I would like to build, going from a 3300 sq ft to a 1560. Don’t need more than three bedrooms and two full baths, an eat-in kitchen, family/living room, dining room for sporatic entertaining, a laundry/utility room ... and a garage or out building for tools and hobbying. As for the Corvette ... been the muscle car route years ago. Into a minivan now, for the hauling and multi-tasking convenience.
One of my favorite movie scenes. It never gets old.
“As for the Corvette ... been the muscle car route years ago. Into a minivan now, for the hauling and multi-tasking convenience.”
With a couple million, you could have both in that outbuilding. I had a Corvette, and older one. Had to sell for various reasons, I’ll get another next year, God willing.
“...so welcome back baby, to the poor side of town.”
His fair weather bride Robin left and divorced him.
He’ll soon find out who is friends are when he’s back in Oklahoma, working at the local greedy mart.
What a Weiner. That is a HUGE amount of business for a Realtor.
No, the point is I no longer have a desire for such ‘stuff’. If I had those millions, I have several worthy causes to which the money would be funneled, and a family who could use some more help, grandchildren to set aside education funds for, etc. I happen to know what the price of a new corvette will buy in the way of sonogram machines. My heart is not drawn to corvettes, but it is staid upon the little ones in danger.
I want a dedicated library/study/office and a dedicated exercise room.
Exactly, just build me a nice “man cave” and I’m all set.
McMonigle reported that he owes his creditors about $50 million, while his assets total just $2.4 million.
His critics say he got reckless. McMonigle and his defenders say he is just one of many caught up in the economic meltdown. He blamed a lender for cutting off financing as well.
Will be true for the USA also.
I have an ex-brother-in-law, who is a realtor.
He says that realtors, who do a lot of volume, tend to give xut-rate commissions.
So he may be doing a lot of volume, but not necessarily making the dough.
Good goals, no doubt about it. But I would use one of the three bedrooms for my office, library. I have a dedicated library room now and find it just a waste of floor space without real dual purpose use. I like your notion of triple use, library/study/office. I’ve alwasy want to build a ‘wall wounted hide-away bed, so a room could function as bedroom in a pinch. Even designed on so the bottom of the bed would be an art display zone which is affixed in such a way that the art stays put when the bed is let down.
It amazes me too.
Did they spend every cent that came in ? How can you not be set for life during a time when you’re making unheard of money ?
Are you so in love with the money and things you don’t plan for your future ?
I don’t get it. Sometimes the rich are incredibly stupid.
I love that song !
My wife and I have 13 grand children, so an "art display zone" is a necessity, we call it "The refrigerator".
It's not the money, it's the ride, and it looks like he had one heck of a ride. Chances are good that he will be riding high again one day.
Feeling good, Lewis!!!
You buys your ticket you takes the ride.
LOL, could be.
It’s only the beginning of the fall for big ticket sales.
Number One could also be facing legal problems——if he assisted buyers in falsifying bank apps to get mortgages.
This was very prevalent in Cali during the real estate boom.
One recent cable documentary showed a latino who mowed lawns for a living residing in a posh million dollar home. He lied about his income on the app. When he could not pay up, he had to move out-—blaming everybody but himself for his losses.
Proverbs is full of advice on money and materials. It teaches how to properly AQUIRE it. It teaches how to spend it and invest it. It warns against slothfulness and laziness. It teaches diligence and patience. It warns against foolishness and folly and exhorts seeking and living by wisdom.
Proverbs 31 talks of a woman, who gets up early, takes care of her family and servants, works hard around the house, sells her wares in the market AND THEN considers a field (wisdom) and buys it. The Bible says THIS is a noble woman.
Just so you know...you can get better quality garmets etc. at higher end stores on their clearance racks...even JC Penny’s outdoes most. $1.97 jeans is a great buy, especially when they are in fashion. Racks at Four and five dollars are not unusual. You get better quality for the buck.
Same with stores as Macy’s..Nordstrums etc.