Jay Bloom, a Las Vegas investor, says he’ll ante up $300 million to $500 million of his own money in an effort to convince the NBA to put an expansion team in the resort.
“I’m anticipating that I’m going to own whatever that represents,” he told the Las Vegas Review-Journal.
However, the bloom might be partly off the cash pile, with Spanish Heights Acquisition Company LLC—one of Bloom’s companies—filing for Chapter 11 bankruptcy. Bloom called the February filing “a strategic restructure” and said, “We’re clearing out some legacy liens from the prior owner.”
Michael Mushkin, a veteran attorney at the center of litigation against Bloom dating back to last year, said court records indicated Bloom did not pay recent garbage pickup fees or a roughly $20,000 homeowners association fine associated with his $7 million estate owned by the LLC. Bloom also failed to make mortgage payments on the home for the last two months.
According to Mushkin, Bloom had a habit of setting off commercial fireworks and flamethrowers from his property. He also encouraged friends to bypass the guarded security gate to the development and failed to notify the homeowners association of “excessive guests” for a party.
In August, a judge chose CPA Larry Bertsch to collect records on $7 million in debt owed by Bloom’s company SJC Ventures, which manages the company that owns the home.
When asked for financial records, Bloom supplied documents for First 100 LLC and 1st One Hundred Holdings LLC, the newest from 2016, according to court records.
“There are no records for 2018, 2019, 2020 or 2021 as required, nor recent tax returns,” Bertsch said.
On September 28, federal bankruptcy judge Natalie Cox denied a motion filed by Mushkin to appoint a trustee for the Spanish Heights property or dismiss the case. The motion did not meet the burden of proof, Cox said.
Bloom said he has “commodities worth billions of dollars;” including “cryptocurrency worth in excess of $3 billion,” a judgment in the amount of $2.2 billion” and “a variety of vehicles, real property, and entertainment endeavors, one in particular potentially worth billions of dollars.”
