Thursday, September 25, 2008
Unfinished Nantucket Development Blighting Leucadia
Watch the Ch. 8 video about the now humbled Barratt American and the unfinished (and controversial) Nantucket development which is currently blighting Leucadia.
Barratt American has lost it's Bank of America loan. Recall that not to long ago Barratt American bragged about it's record profits. Barratt is also being sued by their unpaid sub-contractors.
LA Times: Barratt lays off 100 of 130 employees.
From August 2006:Barratt Finishes Record Year
Barratt American, a Carlsbad-based residential builder, on Aug. 1 reported record high revenue of more than $378.6 million for the fiscal year ended June 30.
The figure includes $361.1 million on sales of 598 homes, up from 431 homes sold in fiscal 2005, and land sales valued at $17.5 million, according to Michael D. Pattinson, the firmÂ’s president and chief executive officer.
The average home-sale price was $603,965, ranging from products in the high $200,000s to luxury residences priced around $2 million.
San Diego Business Journal online story.
Barratt American CEO Michael D. Pattinson wrote and now defunct but entertaining column for the North County Times. His controversial columns include strange bi-polar mood swings from hubristic bullying to whining like a little girl, often in the same paragraph.