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Shabselses’ bankrupt real estate empire puts about 50 properties up for sale
The portfolio totals more than 5.8 million square feet of commercial space and nearly 3,000 residential units as litigation over $13 million in PPP loans continues.
Bisnow reports that David and Michael Shabsels are beginning to sell off the remainder of their real estate portfolio through Damis Holdings after the business collapsed into bankruptcy and legal disputes.
According to Bisnow, the planned sale covers roughly 50 properties spanning 22 states, including office and industrial holdings as well as multifamily and retail assets, plus several resorts such as Rocking Horse Ranch, 1000 Acres Ranch and Splashdown Beach.
Bisnow says Damis tapped A&G Real Estate Partners to oversee the disposition, and the portfolio comprises more than 5.8 million square feet of commercial space and nearly 3,000 residential units.
The sale comes amid ongoing litigation, including a Department of Justice lawsuit filed this week that alleges the brothers concealed relationships among their companies to improperly obtain $13 million in Paycheck Protection Program loans. Earlier this year, Bisnow reports Simad Holdings defaulted on about $214 million in Israeli bonds after transfers of $34 million to other companies were revealed, and the bankruptcy attorney did not respond to a request for comment.