Ruth Jones real estate empire is still being gutted and auctioned off on the court house steps. Last week four more New Canaan properties were sold via her bankruptcy trustee Richard Cohen. One of the buyers was a bank Jones owed money to who used a credit bid to secure the house. Robert Deak and Moshira Soliman picked up the three other smaller homes. This fall Jones lost a three-year bankruptcy battle and was forced into liquidation.
She’s not making it easy for Cohen to sell the homes and get creditors paid. He had to file a motion for contempt because she wouldn’t turn over records showing how much of a security deposit the rental properties had. Ridgefield Bank took legal ownership of her Beacon Hill McMansion in September — it’s not clear if they plan to sell or rent it out. Court filings show Jones had second and third loans on most of the auctioned properties which means proceeds from sale don’t even get near paying back all the banks she owes. A bankruptcy plan filed by Jones in November said she also owes the town of New Canaan a little over $39,000 and she wanted to have five years to pay that back.
Jones was an investor in failed USA Bank who also gave her second loans on some of the properties auctioned off taking the loan to value way over 100 percent. USA Bank is still subject to a FDIC investigation for bank fraud.
Ruth is still appealing her bankruptcy in federal court but it’s not stopping her assets, including the Bentley (repo), being sold off. I’m not sure where Jones is living at the moment but she’s still actively trying to make living selling high-end real estate.
Here is a list of what the homes sold for:
384 White Oak Shade – $855,751.78
50 Urban Street – $420,000
41 Hillside Ave – $390,000
29-31 Strawberry Hill Rd – $486,000