Tri-City homebuilder files for personal bankruptcy
A prominent Tri-City homebuilder filed for personal bankruptcy in late January, 11 months after asking the court to liquidate his business.
Marco Solferino, owner of Solferino Homes, also known as M | S Homes, and his wife, Nicole, filed for personal bankruptcy under Chapter 7 of the U.S. Bankruptcy Code on Jan. 27.
The Solferinos placed the homebuilding business in bankruptcy debts in March 2019, citing $9.2 million and few assets.
Creditors included subcontractors who worked on their luxury homes, vendors, banks, real estate agents and homebuyers who placed six-figure deposits on homes that weren’t built or weren’t complete.
A hearing last spring drew a standing-room-only crowd and angry complaints about missing funds.
Judge Whitman L. Holt of the Eastern District for Washington is overseeing the related cases.
The Solferinos list few personal assets in an 88-page bankruptcy petition and no real estate.
They sold their West Richland home in December for a little more than $1 million.
The Solferinos received no money from the transaction. The couple, who have teen-aged children, currently live in Pasco’s Broadmoor area.
The couple list $46,600 in assets and $5.23 million in debt. They are not currently employed and reported no income, according to court records.
The debt listed in the January bankruptcy is chiefly related to the failed homebuilding business, which once specialized in luxury homes that featured prominently in local home tours.
Solferino Homes is listed as a co-debtor jointly responsible for many of the debts listed in the couple’s private case.
The Solferinos and Solferino Homes are defendants in three civil cases filed by creditors in Benton County Superior Court. Those cases are pending.
A creditors meeting will be held at 11 a.m. March 10 in Room G55 of the Richland Federal Building, 825 Jadwin Ave.
The Solferinos are represented by William Hames of Hames, Anderson, Whitlow & O’Leary of Kennewick, who is also representing the business.