Central Florida-based IPG Franchising, a company that connects investors with vacation rental management contracts, has filed for Chapter 11 bankruptcy. The move follows months of investigation by Gulf Coast News and a growing number of lawsuits from disgruntled investors, property owners, and renters who claim they are owed significant sums of money. The company’s financial situation appears dire, with reported assets under $50,000 and liabilities between $1 million and $10 million.
Key Takeaways
- IPG Franchising has filed for Chapter 11 bankruptcy.
- The company faces numerous lawsuits from investors, property owners, and renters.
- Investors report delayed or non-existent payments, with some losing their life savings.
- The company’s principals, Graham and Jamie Greene, have a history with other troubled rental management businesses.
Financial Collapse and Investor Betrayal
IPG Franchising attracted investors by offering contracts to manage vacation rentals, with the company handling the finances. However, many investors, like Jane Sonkin who moved her family from Canada to Florida, have reported that payments have been significantly delayed or stopped altogether. Sonkin estimates a loss of over $200,000, describing it as her family’s "life savings."
Another investor, Olga Billat from France, invested over $250,000 for contracts to manage 10 vacation rentals but received minimal payouts and "zero information" about their franchise.
Broader Impact on Property Owners and Renters
The fallout extends beyond investors. Property owners and individuals who had booked rentals through IPG’s associated company, Island Attitude, also claim they are owed money. Terri Darr reported not receiving $23,000 owed for her Manasota Key rental, while Alan Bush is still awaiting nearly $12,000 for bookings at his Bonita Springs condo. Renters who had booked accommodations that were damaged by Hurricane Milton have also not received their deposit refunds.
Legal Battles and Company Response
IPG Franchising and its principals, Graham and Jamie Greene, who also operated Island Attitude, are facing multiple lawsuits across Florida. Attorneys for IPG have previously attributed the company’s financial difficulties to the pandemic and hurricanes, citing "significant financial setbacks and losses." They stated that the company is working diligently to resolve legitimate unpaid claims and is seeking amicable resolutions for pending lawsuits where claims are meritorious.
Despite the bankruptcy filing and mounting accusations, state records indicate the business is still active, though its website is no longer operational. Both investors and property owners have contacted law enforcement and the state attorney general’s office.
Sources
- Florida vacation rental company files for bankruptcy, Gulf Coast News and Weather – Southwest Florida News.
- More complaints, lawsuits against Florida vacation rental company, Gulf Coast News and Weather – Southwest Florida News.
