A $23 million mansion heads to foreclosure as an entrepreneur’s fortune vanishes

[n2doc]

By J. Freedom du Lac and Annys Shin, Published: September 15

Rodney P. Hunt was running one of the country’s most successful black-owned government contracting firms in 2003 when he began building the ultimate symbol of his ascent: A riverfront McLean mansion so big, Hunt once joked, that he worried he’d “need walkie-talkies just to communicate” with his son.

Now, in a stunning reversal of fortune for a man who loved recounting how he went from mowing lawns in Fort Washington to signing billion-dollar government contracts, Hunt’s $23.1 million trophy house is facing foreclosure.

The as-seen-on-MTV estate in one of Washington’s most exclusive — and expensive — neighborhoods is scheduled to be sold at auction on Sept. 27, in what would be one of the biggest foreclosures in the region’s history.

The looming public auction on the steps of the Arlington County Courthouse has former associates and neighbors wondering what happened to Hunt, the co-founder of RS Information Systems who was once among Washington’s highest-profile African American entrepreneurs.

more

http://www.washingtonpost.com/local/a-23-million-mansion-heads-to-foreclosure-as-an-entrepreneurs-fortune-vanishes/2012/09/15/9f397744-fe93-11e1-98c6-ec0a0a93f8eb_story.html

[jody]

1. Like Forrest Gump said "Shit Happens!" nt

[Yavapai]

2. Seen a bumper sticker the other day,

that said "Diarrhea also happens!"

[SmileyRose]

3. Strategic default

Property isn't worth what he paid for it. Never will be again in his lifetime so it's easier to blow up his finances and start over. One of his multiple corporations likely owns the property - will take the hit and he'll move on unscathed.