May 6, 2011
John McMonigle claims to be the world's number one real estate agent. With $2.5 billion in residential sales over the past six years, this 46-year-old realtor may well have been.
And now he's declaring bankruptcy.
According to the Orange County Register, McMonigle has amassed $50 million in debt, even after selling his luxurious Newport Beach condo, his car and personal effects.
The Oklahoma native started small, arriving in California with only $73 in his pocket in 1989. But within four years he was grossing $100,000 a year.
McMonigle's ascension through the ranks of top realtors reached dizzying heights during the years of the housing bubble. In 2006, he was living in an $11 million estate, driving a Maybach, and giving tours of a $75 million listing on the Oprah Winfrey Show. He launched his own M Magazine, marketed yachts, jets -- accessories to match the lifestyle he sold with his homes.
Then the bubble popped.
McMonigle was counting on selling $45 million worth of real estate per month, but only closed about $25 million to $35 million per month. Soon the bills started catching up.
John McMonigle claims to be the world's number one real estate agent. With $2.5 billion in residential sales over the past six years, this 46-year-old realtor may well have been.
And now he's declaring bankruptcy.
According to the Orange County Register, McMonigle has amassed $50 million in debt, even after selling his luxurious Newport Beach condo, his car and personal effects.
The Oklahoma native started small, arriving in California with only $73 in his pocket in 1989. But within four years he was grossing $100,000 a year.
McMonigle's ascension through the ranks of top realtors reached dizzying heights during the years of the housing bubble. In 2006, he was living in an $11 million estate, driving a Maybach, and giving tours of a $75 million listing on the Oprah Winfrey Show. He launched his own M Magazine, marketed yachts, jets -- accessories to match the lifestyle he sold with his homes.
Then the bubble popped.
McMonigle was counting on selling $45 million worth of real estate per month, but only closed about $25 million to $35 million per month. Soon the bills started catching up.
