Sunday, August 2, 2009

Carlos Justo

Carlos Justo, Superstar Real Estate Agent
Can this guy strike a similar pose or what??

snkjorge recommended this guy for the Housing Bubble Hall of Shame. I couldn't agree more.

2009-08-01: A superstar real estate agent plots his comeback
Justo is $20 million in debt. He is five months into a massive bankruptcy filing. The IRS is after him for $6 million.

And yet, he dreams.
In 2005, Justo was worth $20 million. He and the agents who worked for him sold $200 million in real estate in a single year. He was also the owner of 12 multimillion dollar estates in the county's most exclusive enclaves; he intended to eventually flip them and make a profit. Justo and his business partner, Irving Padron, were awarded a prestigious Sotheby's franchise and opened its offices in one of the few historic mansions in downtown Miami.
"I knew the market was going to crash," he said. "It was irresponsible what we did, what all of us did in the United States. We took out huge loans, we bought things that people had no business buying."

For three years, Justo had tried to avoid filing Chapter 7, even borrowing $15,000 from his 85-year-old mother and $75,000 from his 83-year-old aunt to pay his monthly debts.

2009-02-06: Connected, Fabulous ... and Broke

1 comment:

Hobo said...

This article is unbelievable.

"'I'm creating a real estate empire based on love,' he says, adding that he plans to give large chunks of his cash away to charity -- once he puts a million dollars each in the bank accounts of his mother and aunt."

At least he's planning on paying his family back, with interest...

"He wrote a $3,000 check as a donation to the Buddhist monks. It bounced."

Don't worry Buddhist monks. Once he "gets back on his feet" I'm sure he'll send you a million dollars and a pony too.