CNET Founder Halsey Minor Being Sued By Several Creditors For $60 Million
CNET founder Halsey Minor, 44, is being sued for $60 million by several creditors. Generally when one is sued by creditors it usually means that you have not been paying them even though you owe them. Minor currently owns his own venture capital firm in San Francisco, Calif.
Minor quit CNET in 2000 with a stake that was worth well over $100 million. CNET was acquired by CBS for $1.8 billion in May 2008. After leaving the company, Minor made $300 million from being an early investor in Salesforce.com. Minor lost half of that when he divorced his wife Deborah in 2006. Minor did not hesitate in buying up lavish real estate.
He bought a mansion for $15.3 million in Williamsburg, Virginia, a $20 million glass home in Bel Air, and a $22 million 18,000 square foot mansion in San Francisco. Minor plans to sink an additional $15 million in the San Francisco mansion. Minor also made plans to invest $30 million in a 9 story building in downtown Charlottesville, Virginia. He hired Michael Smith to design the interior of all of his new properties. Smith is the same man that decorated John Thain and Steven Spielberg’s homes.
Minor has seen its share of successful and failed investments. Minor invested $4 million in Grand Central which Google bought for $50 million. But Minor’s investment in 8020 Publishing, a glossy magazine went down in flames. All of 8020’s assets were liquidated to private investors.
The Bel-Air mansion that Minor paid $20 million for is currently being sold. He listed the 7,500 square foot mansion for $11.4 million after losing a lawsuit against the previous home owner. There are several issues with the house that Minor was not happy about.
Some of the other lawsuits that Minor is dealing with revolve around the hotel project and painting payments. Minor refused to pay for three paintings that he agreed to buy in May for $16.8 million. Another auction company is accusing Minor for not buying $7 million worth of paintings that he bid on this past July.
The Landmark Hotel in downtown Charlottesville stopped receiving payments from Minor too. Minor took a $23.7 million loan from Silverton Bank, but Minor has missed $10.5 million in payments so far. Landmark is suing him for that reason.
On top of all of those real estate issues, Minor reportedly put down a $3 million deposit this past summer for a $58.5 million Gulfstream G650 jet, but last December he decided to get his deposit back.
[via PEHUB]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry