WC Varones

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Greenspan's Body Count: Neal Jacobson update

Last year, Greenspan's Body Count included Franki Jacobson, Eric Jacobson, and Joshua Jacobson, the wife and 7-year-old twins of former mortgage broker and debt-junkie Neal Jacobson.

Now, we learn more about Jacobson as he sits in jail and goes through preliminary court hearings.
[Investigators] do know that Jacobson was a man of big ambitions, who dealt in big numbers and was saddled with big bills.

Tuesday morning, a judge ordered that the 49-year-old remain in jail without bail. He was scruffy and unshaven, but, the judge decreed, not indigent.

A former mortgage broker from New Jersey, Jacobson had been dealing lately in projects that at one time promised a big payday, but perhaps not a paycheck all year, said former business partner Eric Dallas.

How big?

"In the hundreds of millions actually, things such as getting gold mines operational — things like that," said Dallas, speaking from Orlando.

Jacobson, he said, had been to China recently looking for investors.

A year back, the two had gotten a bank's backing for such an endeavor. But during the financial meltdown, the bank withdrew its commitment, Dallas said.

With the sources that fueled his big plans drying up, Jacobson was struggling to recover from his business losses, Dallas said. "His whole life was his kids and his wife," he said.

[...]

He and his wife, Franki Sue, owned their 5,000-square-foot home in Wellington and three condos in Palm Beach County.

They appear to hold mortgages totaling $1.3 million on three of those properties, according to county property records.

The one condo the couple owns outright has a lien on it from the homeowners association for non-payment of fees.

And the taxes on all four properties last year totalled about $17,000.

Neal Jacobson was listed at 11580 S. Sea Court, Wellington, FL which he appears to have bought in 2005 for $766,000. The house was sold this year (likely by the bank) for $425,000.

The median asking price for Palm Beach County condos is around $100,000 on craigslist.

Greenspan's Body Count remains at 185.


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