Bankrupt Tacoma real estate developers Tom Price and Hyun Um will soon find their million-dollar homes on the market.
The court-appointed trustee overseeing their estates, Eric Orse, reported in documents this week that he has signed agreements with a local real estate broker to sell the men's Gig Harbor-area homes. Price's home, in the Canterwood neighborhood, will be listed for $1.25 million. Um's home, on Wollochet Bay, will be listed for $1.995 million.
Orse is taking these and other steps as part of his mission to find as much money as possible to repay the men's creditors. The pair filed for personal bankruptcy protection in August 2010 with more than $300 million in business debt related to Prium Cos., the umbrella company for their multimillion-dollar real estate empire.
The case grinded on until last September, when a federal bankruptcy judge put a trustee in charge.
Other steps the trustee is taking, according to court documents:
- Selling three commercial buildings in Fife, Silverdale and Tacoma
- Collecting annual rents on two parking lots
- Managing a commercial equipment brokerage
- Hiring Targa Real Estate Services to sell two downtown properties: Hanna Heights, a 35-unit apartment complex in downtown Tacoma; and the Winthrop hotel building, a 194-unit apartment complex. The trustee says both will be offered through a sealed-bid process this month.
- Taking over management of PPM Payment Services, the company Price and Um created to manage Prium's properties
- Continuing to work with Price and Um on lease renewals and tenant improvements on other properties, including a hospice care center in University Place
- Continuing efforts to settle several outstanding lawsuits, including one filed by Prium Cos. against its former business partners in a large Spokane office property. While Prium initiated the lawsuit, it has had several unpleasant outcomes including a finding by the King County judge that Price and Um willfully destroyed evidence. That came with a fine. The trustee reports that he's trying to settle the case "and end the litigation expenses, which are crippling Prium."