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Eighteen Investments in trouble?

Rumors have been circulating lately that real estate developer Eighteen Investments, and their real estate brokerage arm Bellington Realty, have hit hard times. They had been short selling a few buildings, including one I have reported on at 3155 Gustine, but nobody really seemed to know how deep the problem went. Until the St. Louis Post Dispatch reported on the situation this morning that is.

Apparently, the firm is currently being sued for $7.5 million by five St. Louis County banks, with various others foreclosing on a number of buildings. According to the Post, Eighteen Investments owns at least 260 properties in St. Louis County and my quick survey of tax records shows that they still own around 20 properties in St. Louis City. Obviously, this is all still unfolding, but the forecast doesn’t look good. Eighteen Investments could be yet another large local development firm to go up in smoke, just like Pyramid Construction and DHP Investments before it.  Best of luck to all the folks at Bellington trying to work something out.

Check out the Stltoday Bellington article for more info.

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4 Responses to Eighteen Investments in trouble?

  1. samizdat September 22, 2010 at 12:09 pm #

    Well, let’s be accurate: DHP was a Ponzi scheme in the end. The other two were going concerns which found themselves in hot H2O after the Wall St. Ponzi scheme collapsed the first time.

    • Matt Kastner September 22, 2010 at 12:15 pm #

      All too true. I wasn’t really referring to why they ended, but more about the scale of impact. Eighteen Investments probably holds as many properties as DHP did at the end so if they fall, it will be just as noteworthy.

  2. faust September 23, 2010 at 3:05 pm #

    Please. As a former tenant who paid his rent on time for four years and still struggled to get any kind of response from them, I have very little sympathy for Bellington/Eighteen Investments.

    • samizdat September 28, 2010 at 8:48 am #

      “…struggled to get any kind of response from them…” Oh, so they were like Red Brick.

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