Major O.C. Home Builder to Shut Down : Housing: Woodcrest becomes the latest and largest victim of the area’s real estate slump.

Woodcrest Development Inc., until recently one of Southern California’s largest home builders, will shut down almost all of its operations at the end of the month.

Ronald Gilles, Woodcrest’s former president, acknowledged Tuesday that the Irvine-based builder has fallen on hard times and will lay off most of its 90 remaining employees as of April 1. Woodcrest is part of a family of residential, apartment and commercial development companies owned by Corona del Mar investor John E. Wertin.

The company, which launched a restructuring 13 months ago, is the latest--and largest--victim of the real estate slump that has devastated an industry that long has been a keystone of the area’s economy.

Because all of Wertin’s companies are private, their financial structure is difficult for an outsider to penetrate. Documents filed recently in the Orange County recorder’s office, however, indicate that Wertin’s entire empire is endangered.

Bank of America, for instance, filed a notice of attachment in January prohibiting Wertin from disposing of much of his private property, including homes in Corona del Mar and San Clemente; or of his personal autos, bank accounts and his shares in nearly a dozen interrelated companies. And dozens of mechanics’ liens have been filed against Woodcrest by subcontractors in recent months--an indication that the company cannot pay its bills.

One industry insider said that during the last six months Wertin’s banks have repossessed many of the apartment developments built by his Pacific Co.

The various companies’ financial woes stem from weaknesses in both the apartment- and home-building industries, said Gilles, who described himself Tuesday as “just an employee.” Wertin replaced Gilles as president of Woodcrest earlier this year and, Gilles said, is personally directing the downsizing of the company. Wertin did not respond to a request for an interview.

Woodcrest, which Wertin established in 1985, was Southern California’s ninth-largest home developer in 1992.