This years super bowl back up quarterback has filed for bankruptcy due to great losses in the real estate market. It is another story of deals gone bad. Mark had heavily invested in future real estate development projects that have dissolved. The banks have won in calling the notes in and now Mark has lost.
I think that if you have celebrities in a deal that you have better get out fast.
One of the disputes involves a real estate project in Jacksonville Beach, involving a $2.2 million loan made by CNL Bank in 2005. CNL began foreclosure proceedings on the property in May 2009, accusing the partners of defaulting on the loan.
Brunell, a Ponte Vedra Beach resident, also invested in several other businesses including real estate projects in Traverse City and Grand Rapids, Mich. Those real estate investments failed, and Michigan-based Select Bank won a $1.1 million judgment against Brunell and his partners.
“The timing of the group’s real estate acquisitions at the height of the real estate market, in hindsight, clearly was not good,” Brunell said in a statement e-mailed to the Times-Union.
Brunell said he had personally shouldered the payments on the loans for several years, as the group worked to reach a resolution with financiers.
“In the end, we couldn’t and I am no longer able to shoulder this burden,” said Brunell, who declined to comment further when reached by the Times-Union on Thursday night. via Jacksonville.com
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