While perusing the net on the resurrection of a condo/hotel concept for downtown San Diego, I briefly searched for a background check on the principle developer for the “Setai” San Diego, Steve Rebeil. (I put “Setai” in quotes as this well-respected group is suing to disassociate itself, even its name, from Mr. Rebeil.) My brief search found a Federal conviction for tax fraud for which he served 5 months in prison in 2005, multiple suits from prior development partners (all of which Mr. Rebeil apparently lost), action to the Nevada contractors board after he allegedly stiffed 77 (!) subcontractors, disqualification by the Nevada Gaming Board from holding a casino license due to ethical questions (way back in 1997), and an active lawsuit from his ex-girlfriend to collect court-ordered child support.
I understand that such people exist in the world. My question is who would even consider entering into any contract with this man? And who would even think of entering into an on-going joint venture of hotel ownership/management with such a person?
If the information on the web is even close to accurate, this condo/hotel project (should I call it the Setai, or the San Diegan, or something else) must be the absolute zenith of the real estate hype/bubble/con.
Does anyone have first-hand knowledge of the project and or Mr. Rebeil?
