John McMonigle, Teles Properties Inc.
That’s the way the high-profile and embattled agent’s real estate listings now read.
Teles Properties Inc. has hired McMonigle and his 65 agents.
The Beverly Hills-based luxury home agency might also buy his McMonigle Group Inc.’s headquarters in Newport Beach.
“From our standpoint we were happy to get John and a good number of agents to join us and integrate with our team,” said Peter Loewy, chief executive of Teles Properties. “He’s a good agent.”
McMonigle Group won’t operate as an affiliate.
McMonigle couldn’t be reached for comment.
His M Luxury Auction.com, a recently launched online auction business, will continue.
“We’re still pushing his brand through our auction group,” said Alex Davis, managing director for Irvine-based Auction.com LLC.
Through the auction, McMonigle recently sold a home at 28 Fairway Point in Newport Coast for $5.4 million, $1.5 million less than the list price.
McMonigle will be marketing another home through the auction site soon, according to Davis.
His move to Teles follows a string of personal and business woes.
In April, he filed personal bankruptcy after defaulting on loans for the unfinished 18,258-square-foot Villa del Lago estate on 12.5 acres in Newport Coast.
In June, Costa Mesa-based One Pelican Hill Road North LP, developers of Villa del Lago, filed Chapter 11 bankruptcy, and McMonigle resigned as managing director.
McMonigle still is the listing agent for Villa del Lago, which is priced at $37 million, $20 million less than in mid-2010.
The bankruptcy filing halted foreclosure of the estate.
The bankruptcies were preceded by his wife’s divorce filing.
Local Boost
For Teles Properties, McMonigle and his agents give the company a boost in Orange County and the luxury market overall.
McMonigle brings 160 or more listings, according to Peter Hernandez, president and chief operating officer of Teles Properties.
Teles focuses on high-end home and condominium sales in the OC and Los Angeles markets, and also has an international division.
Teles does its own marketing, advertising and research. It also has a coaching program for its agents.
The addition of McMonigle and his former employees gives Teles 200 workers in all.
The agents will work at the company’s four offices, including one in Newport Beach.
Teles Properties’ other offices are in Brentwood, Pasadena and Beverly Hills.
Teles has room to expand at its own office in Newport Beach but will consider buying McMonigle’s Newport Center headquarters.
“We’re not sure which facility we’re going to be working out of yet but we have really good options,” Hernandez said.
“John’s space is a potential,” he said. “It’s a matter of which one will suit us and make the most sense.”
High Marks
Some agents work mostly from the road.
Hernandez has known McMonigle for several years and called him “one of the great real estate professionals in any marketplace.”
Until October, McMonigle had been an agent with Coldwell Banker Previews International’s Newport Beach office.
He went on his own with the McMonigle Group.
Prior to Coldwell, McMonigle cofounded Strada Properties in 2000, which was acquired by Coldwell in 2003.
