September
2014
Monday, September 17, 2012
J. Freedom du Lac and Annys Shin,, Washington Post
Submitted by: Editor

Rodney P. Hunt’s $23 Million Foreclosure

Rodney P. Hunt was the golden child. A rags-to-riches story of the black entrepreneur who created RS Information Systems, one the country's most successful government contracting firms. Now he's been discredited and in default.

[WAPO] Northern Virginia Magazine estimated Hunt’s net worth at $265 million in 2007, the year he sold RSIS to Wyle, a California aerospace engineering company. Now Bank of America says Hunt is in default on a $9.4 million loan on his 20,000-plus-square-foot house on a Potomac River bluff. According to court and land records, Hunt also owes more than $10 million on unpaid loans and bad business investments; creditors have filed a series of lawsuits to claim Hunt’s assets.

At the height of his ascent, Hunt began building his ode to his massive ego, a $23 million dollar mansion on the Potomac in DC's most exclusive neighborhood - for him and his son. Before you get too choked up about his self-inflicted reversal of fortune, Hunt is still a very wealthy man and living well in Texas on his "other" estate. 

Hunt made his fortune selling computer networking services to the government. Which means he was paid with tax-payer money. In an ironic twist, Hunt has also been discredited and accused of falsifying his resume and credentials in order to win those very same governement contracts. 

Rodney Hunt's $23 million home is the most expensive foreclosure in DC history

Zillow Auction Notice >>

Posted by Editor on 09/17/12 at 05:38 PM •  (0) Comments

Tags:  wealth,

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