Rantaman Properties bankruptcy

On December 19, 2020, California real estate developer Rantaman Properties filed for Chapter 7 bankruptcy, listing nine contractors and material suppliers as creditors, according to the US Bankruptcy Court for the Central District of California.

Rantaman Properties, based in Long Beach, California, claims in their bankruptcy petition that they owe at least $8.4 million to 15 reported creditors with secured and unsecured claims. 

Rantaman Properties was incorporated in California in 2015 by “serial entrepreneur” Curt Ranta. Mr. Ranta is currently a partner in the Ranta Group, a separate real estate development company also based in Long Beach. (According to the California Secretary of State, The Ranta Group was dissolved in 2012.)

Curt Ranta is also listed as the CEO and CFO of Ranta Development, Inc. On December 10, 2020, ten days prior to the bankruptcy filing for Rantaman Properties, Mr. Ranta filed a Statement of Information with the state, reporting “no change” to the business.

Since July of 2020, at least two subcontractors have placed unpaid construction work claims — commonly referred to as mechanics liens — worth a combined $66K against Rantaman Properties’ nearly $5 million luxury home in Beverly Hills. 

At the time of their bankruptcy filing in December of 2020, Rantaman Properties reported the value of their remaining assets were estimated to be between $1 – $10 million. 

Under Chapter 7 bankruptcy, assets are liquidated to pay creditors’ claims. When filing under Chapter 7, a trustee is appointed to convert the debtor’s nonexempt property into cash to be distributed to the creditors. 

Creditors who hold secured claims are generally the first to be paid with available funds. Unsecured creditors can only recover if any money remains after settling secured claims. Rantaman Properties lists four creditors with secured claims, totaling a combined $8,267,158.79. 

Among the contractors and suppliers listed as creditors in the filing, only one – Tony’s Plumbing in Harbor City, CA – holds a secured claim. The $63K debt is secured by a mechanics lien.

Anchor Loans holds the largest secured claim, valued at $3,704,200 following a construction loan and lien. Two separate private lenders account for the remaining two secured claims. Lisa Krigsman of Manhattan Beach, CA holds a $2.5 million claim, and Lawrence Rubin & Anna Kambour of Forest Hills, NY have a secured claim worth $2 million. 

Rantaman Properties also listed 11 nonpriority unsecured claims worth a combined $198,140.95. 

Of the 11 creditors with unsecured claims, eight are contractors or material suppliers. Robert’s Iron Works of Azusa, CA holds the largest unsecured claim of the seven contractors and suppliers at $30,702.50. 

The remaining six contractors and material supplier creditors with unsecured claims listed in Rantaman Properties’ bankruptcy filing include: 

  • L2 Interiors – $14,910
  • Trench Shoring – $3,000
  • Jose Marquez (Labor and Materials) – $22,550
  • Craig Shaw Electric Co Inc. – $5,000
  • Glassell Plumbing Solutions – $8,000
  • Meridith Baer Home (Staging Services) – $7,500

Rantaman Properties listed in mechanics lien claims  

According to the Los Angeles County clerk’s office, Rantam Properties is listed in two active unpaid construction work claims valued at $66,153.29 in unpaid work on a $5 million luxury home in Beverly Hills. 

The liened real estate, located at 12471 Mulholland Drive, Beverly Hills, is owned by Rantaman Properties, according to the lien affidavits. The 5,214-square-foot luxury home is listed at $4,995,000 as of December of 2020. 

Tony’s Plumbing filed their lien claim valued at $62K on July 6, 2020 aftering being hired directly by Rantaman Properties. 

On September 17, 2020, subcontractor Coastline Equipment placed a lien valued at $3,194.50 against the luxury home pursuant to a contract with Tony’s Plumbing.