Bankrupt Glickman Joins Rival Jon Douglas’ Firm

Mike Glickman, the bankrupt San Fernando Valley real estate phenom, said Friday that he is going to work for Beverly Hills-based Jon Douglas Co., one of the Los Angeles area’s largest residential brokerage firms.

Glickman will be executive director for Douglas Properties in the San Fernando and Conejo Valleys, a division that sells homes priced at more than $1 million.

Jon Douglas, president of the company that bears his name, said he hired more than 500 former Glickman agents, bringing his total in the Valley to about 1,000. “Sometimes, unfortunately, incidents create opportunities for others, and in this case it has for us,” said Douglas, who added that he believes the addition of Glickman and many of his former agents will “immediately catapult us into the No. 1 position in the San Fernando Valley.”

The newly hired agents are working out of Douglas’ offices in Sherman Oaks, Studio City and Woodland Hills. But those offices are “bursting at the seams,” said Douglas. He said he is negotiating to assume the leases on some or all of Glickman’s former offices in Woodland Hills, Encino, Sherman Oaks, Northridge and Agoura.

Fred Sands, president of Fred Sands Realtors, another large San Fernando Valley agency, said his firm has hired fewer than 200 of the Glickman agents.

Glickman Realty’s bankruptcy filing lists total corporate liabilities at $4.07 million and assets at $2.1 million. Several creditors have threatened legal action against Glickman and have expressed doubt that he can make good on assurances that all debts will be paid.

Douglas said attorneys representing his company, Glickman and the creditors will meet Tuesday to try to come to an agreement.

Glickman, 30, started Woodland Hills-based Mike Glickman Realty Inc. in 1983 and quickly rose to dominate Valley home sales. An ill-timed expansion into the Westside, overspending and a lack of financial controls, combined with slowing home sales, have been blamed for Glickman’s downfall. He filed for personal and corporate bankruptcy liquidation Tuesday.

The alliance between Douglas and Glickman brings together two men with sharply different styles. Glickman expanded his company quickly by using promotions such as free Halloween pumpkins and vacations and by getting as many listings as possible. Douglas, who started his company in 1971, has cultivated a more refined image, emphasizing personal service for his mostly well-heeled customers.

Douglas said he will avoid the problems that beset Glickman because his company has a strong administrative staff. He said he would not involve Glickman in the administration of his company but would “let him go in the areas where he shines,” including marketing, training and motivation.

Douglas also said Friday that he is acquiring Thomas & Associates Realtors, a Manhattan Beach brokerage with 70 agents.