St. Paul real estate developer Jerry Trooien says he owes creditors $284 million, but has just $6.4 million in assets, according to papers filed Thursday in his Chapter 11 personal bankruptcy.
Trooien, who also did aircraft leasing deals, listed as liabilities more than 30 personal guarantees for loans on aircraft and real estate. His listed assets include his Summit Avenue home, a lake cabin and equity in just two of his many real estate projects. One unusual item is an original Rembrandt etching worth an estimated $15,000, court papers say.
The businessman filed for reorganization in bankruptcy court last month after one of his major lenders sued to place liens on his real estate holdings.
DAVID SHAFFER
