Friday, July 31, 2009

$6,000 Agent


During the boom, TLC hit a new reality TV low with a show called Million Dollar Agent and introduced the world to Miami real estate broker Carlos Justo. "With his outsized personality, outrageous outfits and boundless in-your-face energy," TLC once gushed, "Carlos is a natural star in the competitive world of real estate." In 2005, Justo's net worth peaked around $20 million, but his investment in the 12 multimillion dollar homes he intended to flip didn't exactly pan out. According to this Miami Herald article, "Justo is $20 million in debt. He is five months into a massive bankruptcy filing. The IRS is after him for $6 million. (Today) he only owns about $6,000 worth of stuff, including furniture, clothing and some Buddhist art."

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