When realtor John McMonigle wrote on his wall asking people what they would be getting up to at the weekend in Orange County, Florida, he was expecting the typical responses like ‘going to the beach’ or ‘watching sports games’.
One reply he wasn’t expecting however, was a rather insensitive comment saying “I’m filing for bankruptcy, what about you?”
High profile Newport Beach realtor McMonigle, 46, who has been involved in deals for some of the most expensive pieces of real estate in the county, has recently fallen on hard times. Federal records show that he filed for Chapter 7 bankruptcy last month, with more than 200 creditors demanding payment from him.
McMonigle, together with his attorney Michael N. Nicastro, is scheduled to attend a 341 meeting on May 26, according to court documents. Such a meeting is the second step in any federal bankruptcy application.
The news of McMonigle’s bankruptcy filing was first posted on the Orange County Register.
According to the Orange County Treasurer Tax Collector’s website, McMonigle owes $21,000 in taxes on his $1.8 million Newport Beach home, which should have been paid last Monday.
Neither McMonigle or anyone at his company, McMonigle Group Inc., were available for comment yesterday.
However, the Twitter website was buzzing with realtors discussing the McMonigle crisis, with real estate agents sharing dozens of articles on the famous realtor, who is well known for trading in luxury properties both in Orange County and outside the U.S.
Court papers showed that McMonigle listed assets of between $1 million and $10 million when he filed for Chapter 7 bankruptcy, while his liabilities were reportedly between $50 million and $100 million.
However, a statement in the Orange County Business Journal said that the McMonigle Group Inc., which is currently involved in a $37 million development at Villa del Lago, will continue with its regular business operations.