Home Front

A blog about the economy and the Sacramento-area real estate market.

May 30, 2008
Homebuilder John Reynen owes banks $972,509,864.00

Since we reported on April 24 that Sacramento-area homebuilder John D. Reynen filed for


personal bankruptcy protection while owing creditors $750 million, banks have added another $222 million to the tab.

  That's the tally in an updated court filing. The co-founder of Mather-based Reynen & Bardis Communities has $73.9 million in assets, says the Chapter 11 filing in U.S. Bankruptcy Court in Sacramento.

The filing details show that Reynen and wife own several houses - including a Sacramento residence valued at $3.6 million, a vacation home in Mendocino valued at $3.2 million, an investment property in Incline Village valued at $5.2 million and another vacation house in Cabo San Lucas, Baja, Mexico, valued at $2.7 million.

 It can't be fun detailing all you own for all the world to see in a BK filing, right down to the $2,000 Rolex watch and three fur coats valued at $3,000.

 As reported earlier, Reynen and development partner Christo Bardis borrowed to buy thousands of acres of land during the housing boom - land which has collapsed in value with the housing downturn. The two personally guaranteed their loans, which gives lenders rights to seize their personal property.

Bardis has not filed for personal bankruptcy protection. The company has not filed, either, for protection.

Photo from Reynen & Bardis Communities

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