The Bee says builder John D. Reynen -- of South developer Reynen & Bardis Communities -- has debts that approach $1 billion.
The Bee reported last month that Reynen's personal bankruptcy filing listed debts of $750 million, but that amount has increased with further claims by banks, bringing the latest tally to $972.5 million, according to filings in U.S. Bankruptcy Court in Sacramento. Reynen has $73.9 million in assets to meet his obligations, the filings indicate.
Reynen and his business partner,
Christo Bardis, personally guaranteed loans they took out to buy
thousands of acres of land in California's and Nevada, and those values have gone south with the housing downturn.
An R&B spokesperson says the company is trying to work through the difficulties. R&B continues to sell homes in California and Nevada, but not in the Sacramento area, the spokesperson told the Bee.
See the Bee story here.