A flashy couple who made a fortune in high-end real estate have financially crashed and burned, according to a published report.
A couple who made a name and fortune in high-class coastal real estate have crashed into bankruptcy and are asking a court to erase more than $40 million in debt, including $625,000 that stemmed from alleged misuse of a helicopter loan, the North County Times reported.
According to court filings, property records and interviews, the couple, Robert and Loraine Dyson, shut down their Solana Beach real estate brokerage, an affiliate of Sotheby's International Realty, in October. They also filed for personal bankruptcy and have apparently scotched plans to develop an equestrian resort and estates in central Riverside County.
Their bankruptcy attorney, K. Todd Curry, said the crashing real estate market had swallowed the Dysons, along with hundreds of thousands of other homeowners and people who worked in construction and real estate.
Robert and Loraine Dyson did not return messages seeking comment.
Read the North County Times "Couple Known for High-End Real Estate Fall into Bankruptcy" for more details.