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Tuesday, May 24, 2022

Luxury Home Broker McMonigle Files for Ch. 7 Bankruptcy

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Newport Beach-based luxury real estate agent John McMonigle has filed for Chapter 7 bankruptcy protection, according to court records.

McMonigle, whose McMonigle Group Inc. is one of the country’s top-selling brokerages for high-end homes, listed debts of between $50 million and $100 million on the individual petition, which was filed Friday in Santa Ana’s bankruptcy court.

The petition lists McMonigle having between $1 million and $10 million in assets.

He’s being represented by Costa Mesa’s Nicastro Piscopo in the case, according to court records.

The bankruptcy filing comes a little more than a week after McMonigle’s wife, Robin McMonigle, filed for divorce, according to Orange County Superior Court records.

In a statement provided to the Orange County Register, which first broke the news of the bankruptcy, McMonigle cited “an ongoing stalemate with uncooperative lenders” in ventures unrelated to his core brokerage business as the reason for the filing.

Last August, the Business Journal reported on construction being halted at Villa del Lago, a 12.5-acre estate being built by McMonigle in Newport Coast, because of loan issues. The estate currently has a $37 million price tag, down from an early $57 million asking price.

In November, lenders sued McMonigle for defaulting on a $3 million loan secured by his company’s Newport Center headquarters.

The McMonigle Group Inc., which did not file for bankruptcy, will continue normal operations, according to the agent’s statement to the Orange County Register.

Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.

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