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 ...
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. It’s 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.
See ya!
“...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.
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