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?
Thurston...............
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 McMonigle’s 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.
lol
That too.
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!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.