United Furniture owner who fired all staff has $24M in real estate assets

Given that firing 2,700 staff by means of texts and email messages while they slept past 7 days — just right before Thanksgiving – the owner of United Furnishings Industries, David Belford, has seemingly disappeared.

But he could be hiding out in a single of his two properties truly worth an believed $24 million, The Write-up can report.

Belford, 62, at the moment owns a farmhouse in Mount Gilead, Ohio, which he acquired back again in 1991 for $600,000, records exhibit.

The household is a lakefront estate with h2o views of Straits Lake.

According to Zillow, the 5-bedroom, 5-rest room, 4,000-sq.-foot residence is worthy of $1,133,800 nowadays.

The entry way to the main lake house.
The entryway to the principal lake residence.
An aerial shot of the home which shows a pool as well as a boat dock.
An aerial shot of the residence displays a pool as properly as a boat dock.

In the meantime, his most prized piece of true estate is an oceanfront two-bed room, three-lavatory property in Naples, Florida, worth an approximated, $22,870,283, in accordance to Redfin.

Documents display he bought the Sunshine Point out dwelling again in 2011 for $6 million.

In the course of the pandemic, Florida’s west coastline property current market has heated up immensely, boosted by remote function and sunny temperature.

The ocean front home was renovated with modern finishes.
The oceanfront household was renovated with modern day finishes.

Belford has remained silent because the layoffs of his entire workforce in Mississippi, North Carolina and California. Even with efforts by attorneys and loan providers representing axed personnel to achieve UFI, no a person has listened to from the company or Belford, resources explained to The Write-up.

“No just one has heard from the operator. He’s not returning anyone’s cellular phone calls. It’s such a terrible condition,” a single insider with knowledge of the situation told The Publish.

Philip Hearn, just one of the attorneys symbolizing hundreds of laid-off staff members, mentioned that rumors have swirled that he is at present in Paris.

“At the instruction of the board of administrators … we regret to inform you that due to unexpected organization conditions, the business has been compelled to make the tough conclusion to terminate the employment of all its employees, efficient immediately, on Nov. 21,” the organization reported in a concept to staff members.

“With the exception of over-the-highway motorists that are out on shipping. Your layoff from the company is envisioned to be permanent and all added benefits will be terminated quickly without having provision of COBRA.”

It’s unclear why the two-10 years-previous organization dissolved its operations so all of a sudden, but over the summertime it fired its chief govt, chief financial officer and government vice president of income, according to Home furniture Right now.

The transfer also came soon after Belford quarreled with the company’s board and bankers on irrespective of whether to file for individual bankruptcy. On Nov. 20, the working day just before laying off the overall organization, the board submitted for Chapter 11 individual bankruptcy security.

Jenni and David Belford.
Jenni (considerably still left) and David Belford at an occasion at their nonprofit camp, Traveling Horse Farms.
Flying Horse Farm

Meanwhile, despite his shortcomings, court paperwork present that Belford has been noted for his philanthropic initiatives in earlier years — whilst working with contentious authorized proceedings.

Belford and his spouse, Jenni, launched a charity for unwell young children and donated $10 million to build a spinal wire injuries study center at Ohio Condition University’s Wexner Clinical Center — a Columbus, Ohio, facility named right after Victoria’s Secret’s billionaire founder, Les Wexner.

In 2008, he and his wife co-started the Belford Spouse and children Charitable Fund, which supports children’s businesses which include Traveling Horse Farms, a camp for ill young children.

Having said that, Belford has also been named in many lawsuits alleging “fraudulent transfers” of funds and “brazen violations” of noncompete agreements, courtroom documents uncovered.

Francis McGee

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