Las Vegas developer Bill Plise revealed in Bankruptcy Court on Monday he's in debt to the tune of a staggering $506.5 million, while his assets are valued at just $4,738.
Plise filed for personal Chapter 7 bankruptcy protection on April 23.
He made his first detailed financial disclosures on Monday.
Known for developing projects such as Centennial Corporate Center and the Rainbow Sunset Pavilion mixed-used center, Plise tried to develop a $2 billion project called City Crossing in Henderson. The development on St. Rose Parkway near Las Vegas Boulevard failed amid the recession and filed for bankruptcy in June 2008.
In his personal bankruptcy case, creditors are likely to look into Plise's finances, and some of their attorneys have already signed in with the court to signal their participation.
Plise is involved in a dozen lawsuits already, most over defaulted loans, his bankruptcy filing says. And even though he's unemployed, his monthly living expenses totaling $4,305 are being covered by a credit facility with an entity called 5550 Las Vegas LLC, his bankruptcy filing says.
Much of Plise's debt relates to his role as a guarantor to loans for City Crossing and other developments. Key creditors in his bankruptcy filing include three failed Nevada banks or their successors: Community Bank of Nevada, First National Bank of Nevada and Silver State Bank.
Other creditors include Bank of America, U.S. Bank, Wells Fargo Bank, Clayton Mortgage & Investment, Aspen Financial Services, Eliot A. Alper Trust, City National Bank, Bank of George and Bank of Nevada.