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

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

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ever since laid off 2,700 workers Just before Thanksgiving – David Belford, owner of United Furniture Industries, lost sight.

However, he may be hiding in one of two homes worth an estimated $24 million, The Post reports.

Belford, 62, now owns a farmhouse in Mount Gilead, Ohio, which he bought for $600,000 in 1991, records show.

The home is a lakefront estate with water views of Channel Lake.

According to Zillow, the five-bedroom, five-bathroom, 4,000-square-foot residence is worth $1,133,800 today.

Entrance to Main Lake House.
Google
Aerial view of the house showing the pool and boat dock.
An aerial shot of the house shows the pool and boat dock.
Google

His most prized estate, meanwhile, is an oceanfront two-bedroom, three-bathroom home in Naples, Florida, worth an estimated $22,870,283, according to Redfin.

Records show that he bought the Sunshine State home for $6 million in 2011.

During the pandemic, Florida’s West Coast real estate market has been extremely hot, boosted by remote work and sunny weather.

Oceanfront home renovated with modern finishes.
Oceanfront home renovated with modern finishes.
MLS

Belford has been silent since all of its employees in Mississippi, North Carolina and California were laid off. Despite efforts by lawyers and lenders representing the laid-off workers to reach his UFI, no one has been heard from the company or Belford, sources said. post.

“We haven’t heard from the owner. He doesn’t return anyone’s calls. It’s a very scary situation,” an insider with knowledge of the situation told the Post.

Philip Hearn, one of the lawyers representing hundreds of laid-off employees, said rumors were swirling that he was now in Paris.

“We regret to inform you that, at the direction of our Board of Directors, unforeseen business circumstances have forced us to make the difficult decision to immediately terminate the employment of all employees effective November 21st.” The company said in a message to employees.

“Except for long haul drivers in deliveries. Your layoff from the company is expected to be permanent and all benefits will immediately terminate without COBRA’s offer.”

It’s unclear why the 20-year-old company suddenly went out of business, but over the summer it fired its chief executive officer, chief financial officer, and vice president of sales. according to today’s furniture.

The move also comes after Belford had an altercation with the company’s board and bankers over whether to file for bankruptcy. On November 20, the day before laying off the entire company, the board filed for Chapter 11 bankruptcy protection.

Jenny and David Belford.
Jenni (far left) and David Belford attend an event at non-profit camp Flying Horse Farms.
Flying Horse Farm

On the other hand, despite his shortcomings, court documents show that Belford charity For the last few years — while dealing with contentious legal proceedings.

Belford and his wife Jenny founded a charity for sick children and donated $10 million to establish a Spinal Cord Injury Research Center at The Ohio State University’s Wexner Medical Center. Les Wexner.

In 2008, he and his wife co-founded the Belford Family Charitable Fund, which supports children’s organizations, including Flying Horse Farms, a camp for sick children.

But Belford has also been named in several lawsuits alleging “fraudulent transfers” of money and “brazen breaches” of non-compete obligations, court documents reveal.

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