Real Estate

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

Since firing 2,700 staff via texts and emails whereas they slept final week — simply earlier than Thanksgiving – the owner of United Furniture Industries, David Belford, has seemingly disappeared.

But he may very well be hiding out in one among his two properties value an estimated $24 million, The Post can report.

Belford, 62, at present owns a farmhouse in Mount Gilead, Ohio, which he bought again in 1991 for $600,000, information present.

The house is a lakefront estate with water views of Straits Lake.

According to Zillow, the five-bedroom, five-bathroom, 4,000-square-foot residence is value $1,133,800 right this moment.

The entry way to the main lake house.
The entryway to the principle lake home.
Google
An aerial shot of the home which shows a pool as well as a boat dock.
An aerial shot of the house exhibits a pool in addition to a ship dock.
Google

Meanwhile, his most prized real estate is an oceanfront two-bedroom, three-bathroom dwelling in Naples, Florida, value an estimated, $22,870,283, in response to Redfin.

Records present he bought the house again in 2011 for $6 million.

During the pandemic, Florida’s west coast property market has heated up tremendously, boosted by distant work and sunny climate.

The ocean front home was renovated with modern finishes.
The oceanfront dwelling was renovated with trendy finishes.
MLS

Belford has remained silent for the reason that layoffs of his total workforce in Mississippi, North Carolina and California. Despite efforts by attorneys and lenders representing axed staff to achieve UFI, nobody has heard from the company or Belford, sources advised The Post.

“No one has heard from the owner. He’s not returning anyone’s phone calls. It’s such a horrible situation,” one insider with data of the state of affairs advised The Post.

Philip Hearn, one of many attorneys representing tons of of laid-off workers, stated that rumors have swirled that he’s at present in Paris.

“At the instruction of the board of directors … we regret to inform you that due to unforeseen business circumstances, the company has been forced to make the difficult decision to terminate the employment of all its employees, effective immediately, on Nov. 21,” the company stated in messages to workers.

“With the exception of over-the-road drivers that are out on delivery. Your layoff from the company is expected to be permanent and all benefits will be terminated immediately without provision of COBRA.”

It’s unclear why the two-decade-old company dissolved its operations so all of a sudden, however over the summer season it fired its chief government, chief monetary officer and government vp of gross sales, according to Furniture Today.

The transfer additionally got here after Belford quarreled with the company’s board and bankers on whether or not to file for chapter. On Nov. 20, the day earlier than shedding your entire company, the board filed for Chapter 11 chapter safety.

Jenni and David Belford.
Jenni and David Belford at an occasion at their non-profit camp, Flying Horse Farms.
Flying Horse Farm

Meanwhile, regardless of his shortcomings, court docket paperwork present that Belford has been famous for his philanthropic efforts in previous years — whereas coping with contentious authorized proceedings.

Belford and his spouse, Jenni, based a charity for sick youngsters and donated $10 million to ascertain a spinal wire damage analysis heart at Ohio State University’s Wexner Medical Center — a Columbus, Ohio, facility named after Victoria’s Secret’s billionaire founder, Les Wexner.

In 2008, he and his spouse co-founded the Belford Family Charitable Fund, which helps youngsters’s organizations together with Flying Horse Farms, a camp for unwell youngsters.

However, Belford has additionally been named in a number of lawsuits alleging “fraudulent transfers” of monies and “brazen violations” of non-compete agreements, court docket paperwork revealed.

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