Bill Geary, a Los Angeles developer who betrothed to redevelop Daytona Beach’s ebbing Boardwalk area, has filed for personal failure in California.

Geary claimed $39 million in liabilities in his Chapter 7 failure filing. The largest debt was a $17.5 million due on Ocean Walk Shoppes, that is in foreclosure, according to justice records.

Neither Geary nor his failure profession could be reached for comment.

• Topics
• Bankruptcy
  
• Financially Distressed Companies
  
• Companies and Corporations

Several years ago, Geary hold business interests in several pivotal Daytona Beach properties, including a iconic Main Street Pier, a H2O park, Ocean Walk Shoppes and a Boardwalk.

However, those properties faced financial problems, and Geary is no longer concerned with them. The H2O park was sole during auction, and a post faltered underneath private management. Daytona Beach is spending millions to reconstruct it.

Ocean Walk Shoppes is a five-story beachfront retail, grill and film museum formidable in Daytona Beach that non-stop in 2002 and was hailed as a successful redevelopment for a struggling beachside traveller district. However, a formidable is in foreclosure record and has been underneath a control of a court-appointed manager given September.

Geary had sealed for a strange $16 million loan to build a complex, and he had been skill manager for it until scarcely a year ago, when other Ocean Walk Shoppes executives found that Geary had taken $1 million from a bank comment and spent it elsewhere, according to a justice affidavit.

Doug Daniels, Geary’s profession in Daytona Beach, pronounced a California bankruptcy, that was filed in late May, should not check a Ocean Walk foreclosure case. Its categorical outcome is that it would mislay any personal guilt that Geary has for that debt.

For many years, Geary’s many desirous skeleton have concerned redevelopment of a Boardwalk, a aging quarrel of arcades and eateries nearby a Pier. He unsuccessful in his initial redevelopment try when his company, Boardwalk Convention Hotel Partners Ltd., filed for failure in a 1980s.

In 2003, Daytona Beach officials sealed an agreement with another of Geary’s companies, Carlsberg Management Co., for a $110 million Boardwalk redevelopment that betrothed a long-awaited gathering hotel, timeshares and a vast party and sell complex.

Daytona Beach used a energy of venerable domain in 2006 to reject and move a few of a aging arcades and to palm a skill over to Geary’s company.

The plan has nonetheless to be built, however. Much of a 3.4 acres earmarked for it stays vacant, used as a mud parking lot and holding a few entertainment rides.

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