From left: U.S. Bankruptcy Judge Scott Everett and JMJ Development’s Tim Barton with 2999 Turtle Creek Boulevard (LinkedIn, Loopnet, JMJ Development)
Days after his indictment on felony fraud charges last week, JMJ Development CEO Tim Barton was dealt another loss in bankruptcy court.
On Wednesday, Barton lost control of a Turtle Creek site where he once planned to build a high-rise luxury condo tower and a Mandarin Oriental hotel. Barton had fought tooth and nail to hold on to the 2-acre site at 2999 Turtle Creek Boulevard, according to the Dallas Business Journal.
U.S. Bankruptcy Judge Scott Everett granted the heart of a motion by the secured lender, HNGH Turtle Creek, giving the LLC full ownership of the property. Barton has already filed a notice of appeal to the court’s final order.
Officially, the Turtle Creek property is not tied to Barton and his associates’ alleged $26 million Ponzi scheme. It is not at all involved in the proceedings with either the U.S. Securities and Exchange Commission or the U.S. Attorney for the Northern District of Texas. However, 2999TC Acquisitions LLC, the entity behind Barton’s redevelopment of the Turtle Creek property, did have a history of financial trouble.
In 2019, plans were announced to build a luxury hotel and residential condominiums at a cost of roughly $395 million at the Turtle Creek address. By the end of 2020, 2999TC Acquisitions defaulted eight times under its $32.5 million loan with HNGH, which gave…
