Geppi loses his mansion

[comics-rock]

could the recent high sale comics (two AC # 1's and a DC # 27) have anything to do with this?

[bigfiver69]

I agree. Clearly, his monetary problems do not stem from the comic business per se but from bad real estate moves in years past. Massively over-leveraged.

 

It has been stated that Steve Geppi owns 5% of the Baltimore Orioles (worth $400 million in 2009 which makes his share worth $20 million ).

 

His personal collection was guessed to be worth $50 million.

 

So clearly, he can handle the overall figures being bandied about here. (Much like Nic Cage.)

 

 

That's what everyone said about Lehman and the Bear. If you were leveraged or in serious real estate in 3rd and 4th quarter 2008, you got boned. And there were dudes who saw a hell of a lot more than $50 million evaporate.

 

 

[comics-rock]

I agree. Clearly, his monetary problems do not stem from the comic business per se but from bad real estate moves in years past. Massively over-leveraged.

 

It has been stated that Steve Geppi owns 5% of the Baltimore Orioles (worth $400 million in 2009 which makes his share worth $20 million ).

 

His personal collection was guessed to be worth $50 million.

 

So clearly, he can handle the overall figures being bandied about here. (Much like Nic Cage.)

 

 

That's what everyone said about Lehman and the Bear. If you were leveraged or in serious real estate in 3rd and 4th quarter 2008, you got boned. And there were dudes who saw a hell of a lot more than $50 million evaporate.

 

 

its all realtive though when your dealing with guys worth billions of dollars...

[joe_collector]

If he was just playing with his comic money, he wouldn't have had the mansion, nor would he be in the hot water he's in. It's real estate and other business deals.

 

Yep, it's the old story where someone makes a few bucks in one area, then starts thinking he's some kind of financial genius.

[NP_Gresham]

Holy Fire Sale!

Is there anything left to pillage?

[batman_fan]

Holy Fire Sale!

Is there anything left to pillage?

 

clean tech next big scam business opportunity

[tth2]

It has been stated that Steve Geppi owns 5% of the Baltimore Orioles (worth $400 million in 2009 which makes his share worth $20 million ).

I think that is long gone.

 

His personal collection was guessed to be worth $50 million.

Clearly big chunks of it are long gone.

 

[Senormac]

 

I'll bid on any Police Comics he puts up

[ComicConnoisseur]

If you look other then the comic book big event books, you will find that the Marvel and DC monthly sales have been terrible(all-time lows), basically Batman,Superman,Spider-man,Ironman and X-men have carrried the big two and the hit Ironman and Batman movies did nothing to improve comics sales, in fact Batman sales have dropped after the Dark Knight blockbuster movie.

maybe the new management of both companies will turn things around?

[ashrael]

Anyone see this news story? I wonder if the Geppi Museum is in jeopardy. Has he already begun the process of selling private collection?

Geppi Mansion Fails to Sell at $2.79M

Doing so for at least a couple of years. Hopefully he can bounce back.

 

Yeah, the museum is a shell of what it used to be. I wanted to visit it, but after a majority of the key items left, I really didn't have a desire to any more

[Ringfinger]

Wow...

[HouseofComics.Com]

is the new comic market down that much that the guy who owns the one major comic distributor in the country can't pay his bills?

 

I read something recently that was a bit scary. It claimed that 30% of Diamond store accounts were in some kind of repayment plan with the distributor. So you've got a bunch of stores closing, a bunch cutting back (Marvel's price increase wa a big part of the problem too). That can destroy Diamond's profits.

[ft88]

The Baltimore Orioles ownership is long gone and sold. Geppi is selling through Heritage and through Diamond Digital on ebay. Quite a few file copy Harvey lots going through Heritage and Dell file copies going through ebay.

 

Diamond Distribution is doing well but is not really growing for all the reasons stated above. A lot of Geppi's loans were personally guaranteed which puts him and the banks which loaned to him in a bit of a pickle.

 

Old adage: If the bank lends you a $100,000 and you can't pay it back, then you have a problem If the bank lends you $100 Million and you can't pay it back then the bank has a problem.