Colorado Developer Files Business, Personal Chapter 7 Bankruptcy
The Colorado developer of the Landmark condo and retail complex is filing a personal Chapter 7 bankruptcy case. The news comes just months after Jack Davidson’s business also filed bankruptcy, reports the Denver Post.
Although he has other business interests, it seems Davidson’s personal finances were closely intertwined with the development known as The Landmark. The project, set to go up just south of Denver, would include two condominium towers and, according to the Denver Business Journal, “a retail district with shops, restaurants, a movie theater and the Comedy Works South.”
Despite the Chapter 7 filing, the venture should continue, as retailers continue to sign on to the project and many of the condo homes have already been sold.
Davidson’s future, though, is less clear. He listed almost $165 million in debts, and the post reports that his monthly expenses outpace his income by $5,000.
Most of his creditors are connected to the Landmark project, and some have already come after some of his assets. One of Davidson’s airplanes from his charter airplane company Endeavor Aviation was recently repossessed and sold at auction.
Davidson’s assets are worth millions, including more than $1 million real estate and an additional $141.3 million of “personal property,” reports the Denver Business Journal.