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Another Poor Victim in Need of a Bailout

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November 09, 2007 – Comments (2)

 Read all about a typical American Housing Boom "millionaire."

At 32, with just one semester of community college, he owned a BMW, a Corvette and a 5,000-square-foot house worth $1.2 million. He was a creation of the boom. “I was on top of the world,” Mr. Haupt said recently.

Then, last May, the real estate market stopped booming.

Now Mr. Haupt’s house is in the hands of his creditors, as are the cars, three small office buildings and 89 lots he bought in a subdivision in neighboring Lincoln County.

He owes about $6 million in personal and business debt, and as Mr. Haupt’s fortunes soured, so have those of plumbers, electricians, framers, landscapers, supply stores and others that relied on his business, which he estimated at $300,000 per month.

“And that’s just little bitty me,” he said.

2 Comments – Post Your Own

#1) On November 09, 2007 at 3:16 PM, floridabuilder2 (99.26) wrote:

boy i thought this story was about me and my recent red thumbs of pacific coast banks... that sure backfired...  keep up the negativity Bent!  I love it

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#2) On November 09, 2007 at 4:18 PM, zygnoda (27.13) wrote:

Great article

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