Saturday, October 26, 2013

Is Richard Davis from Flip this House Broke?

Richard Davis came hard charging into the American viewing public in 2007 as the star of the television show Flip This House.  The show featured Richard flipping houses for a profit with the help of his lovely assistant Ginger.  A lot has changed since that TV show, for one Richard married Ginger, after divorcing his wife.

Richard sued A and E and won a 4 million dollar verdict.  He then launched a competing show on TLC, which failed miserably.

But recently, it appears Richard and his company Trademark properties has fallen on hard times.  He was recently sued by a real estate agent for trying to nudge him out of a restaurant deal:

The real interesting segment of the lawsuit is where, the real estate agent contends that Richard Davis and Trademark Properties have outstanding liens and are in serious debt.  You might think this is just ramblings of a lawsuit.  Except, read this lawsuit against him from Wells Fargo, and read what they are going after:

$370,000 Loan to Richard Davis
$350,000 Loan to Trademark Properties
$1.8 million dollar loan to Trademark Properties
$215,000 Loan to Richard Davis
Essentially after everything is said and done they want 4 million dollars due for Richard Davis's defaults. Here is the link to read about it:
So it appears even financial genius can burn through over four million dollars.  Look at that in gap of only eight years he went from winning a lawsuit for 4 million dollars to being sued for 4 million dollars.