Monday, July 19, 2010

The Strange Adventure of Michael R. Mastro

Real estate investor Michael R. Mastro has been a living legend in Seattle for generations.  Hugely successful as a developer and rehabber for more than forty years, he had been part of downtown Seattle for as long as anyone can remember.

Then, in 2009, due to excessive leverage and the collapse of the real estate market, he was forced to file for bankruptcy.

But this is where the interesting story really just begins....

Here is an excellent piece from the Seattle Times on how to live like a King when you supposedly ain't got a dime.  Much can be learned by real estate investors by studying how Mastro built his empire and why it collapsed.

I once met Mr. Mastro years ago briefly at a charity event.  He was as charming as you would expect from anyone who could wheel and deal in large commercial properties for decades.

But now, Seattle is abuzz over the story of the man who fell from grace but somehow still lives a lifestyle fueled by nothing but grace.

Robert J. Abalos, Esq.