Carver Real Estate Partnership Files for Chapter 11 Bankruptcy
A real estate partnership run by developer Leroy Carver III has filed for bankruptcy.
Carver made news in January after he sold his Harbor Island home for $13.8 million, the largest private home sale in county history.
Newport Avenue Partners Ltd. filed for Chapter 11 reorganization in U.S. Bankruptcy Court Thursday. According to the bankruptcy filing, the firm developed two unspecified office buildings and a Tustin shopping center. It listed debts of $27.9 million and an undisclosed amount of assets.
County property records list the partnership as owning $15.2 million worth of commercial property in Orange County, all of it in Tustin.
Calls to Carver Development Co. in Tustin and to Carver’s Los Angeles attorney went unanswered Tuesday. Carver is listed as president of the general partnership in bankruptcy records.
Hong Kong hotelier George Yao bought the lavish 12,000-square-foot Newport Beach waterfront home from Carver. Yao is one of the owners of the Radisson Plaza Hotel in Irvine, near the John Wayne Airport.
Carver, whose father founded the county’s only Rolls-Royce dealership, built the house with a $7.9-million loan from a thrift he owned in Escondido. The thrift, Carver Savings & Loan, was declared insolvent by federal regulators in 1989.
