A South Florida real estate broker Carlos Justo, flamboyant founder of Sol Sotheby’s International Realty, is in deep money trouble. Justo, who catered to millionaires and became one himself, says: “I am considering filing personal bankruptcy. I’m fighting for my financial life.”
He, along with some investors, lost $2.35 million in a deal at 3 Indian Creek Island, he says. He is in foreclosure on another property — at 40 Indian Creek Island, where he now lives. He bought it in ’05 for $6.85 million. The debt is around $11 million with interest. (He’s trying to sell the house — for $14.9 million.)
Justo, 51, is fending off a battery of lawsuits, including one from agent Techrin Hijazi, who used to work for him. His net worth, which he says reached $20 million, has plummeted. He estimates it is now $2 million to $3 million.
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