Community Corner

High-End Real Estate Agent Files for Bankruptcy

The Chapter 7 bankruptcy petition filed Friday by John McMonigle is a result of problems with investors in a real estate development business.

John McMonigle, a Newport Beach-based real estate agent known for selling high-end homes, has filed for bankruptcy protection, according to news reports.

In a Chapter 7 bankruptcy petition filed in Santa Ana on Friday, McMonigle, founder of top-selling McMonigle group, Inc., listed debts of $50 million to $100 million, according to an Orange County Business Journal report. The individual petition states that McMonigle has $1 million to $10 million in assets, according to the Business Journal.

A statement obtained by the Orange County Register said the bankruptcy filing is due to "an ongoing stalemate" with lenders in a real estate development business that is unrelated to the McMonigle Group's real estate sales. The statement said the brokerage and sales end of the business "will continue normal operations."

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