How did zillows rental manager lose $150,000 on one property? | Zillow
A zillOW rental manager from Virginia has filed for bankruptcy after losing more than $150.2 million, according to court documents obtained by the Baltimore Sun.
Zillow’s parent company, Zillottown Properties, Inc., announced the bankruptcy filing Friday.
Zellow Properties has an estimated value of $3.2 billion and employs 1,200 people, according its website.
Zilliow Properties, which is owned by Zillows founder David Zill, announced the filing in the United States Bankruptcy Court in Richmond, Va., on Friday.
Zillowers bankruptcy filing is the latest in a string of bankruptcies over the past decade.
Zilliows is now a separate entity from Zillots parent company.
Zillaown Properties is a company that owns properties, including zillowers.com and zillottow.com, that are listed on Zillower.com.
Zillaown has offices in the US and Canada.
Zillerown Properties has been in the news recently because of a dispute over a business partnership with an Illinois-based company.
Zillerown’s attorneys allege that Zillotow and other property owners are using ZillOW as a backstop to secure financing for a $4 billion acquisition of the company in December 2016.
ZILLOW, which has been the subject of a series of lawsuits by investors, sued the company and its parent company in the U.S. District Court for the Northern District of Illinois in March for violating trademark laws by using the word “Zillows” in connection with Zillerow properties.ZILLOW Properties filed for Chapter 11 bankruptcy protection on Thursday.
The bankruptcy filing was requested by Zillerottown, according a press release.