A Florida-based vacation rental company, IPG Franchising, and its associated entities are facing a growing storm of complaints and lawsuits from property owners, renters, and investors. The company, which previously operated under names like Island Attitude, has been accused of failing to pay significant sums owed, leading to financial ruin for many and culminating in a Chapter 11 bankruptcy filing.
Key Takeaways
- IPG Franchising and related companies are facing numerous lawsuits and a bankruptcy filing.
- Property owners and renters claim they are owed substantial amounts of money.
- Investors who purchased franchises have lost significant investments, with some reporting no communication or properties.
- The company’s attorneys attribute financial difficulties to the pandemic and hurricanes.
Mounting Accusations and Financial Distress
Gulf Coast News has been investigating IPG Franchising for months, uncovering a pattern of alleged financial mismanagement. Property owners like Terri Darr and Alan Bush report not receiving thousands of dollars owed for bookings managed by the company. Renters have also claimed they are owed refunds for bookings canceled due to Hurricane Milton, with Ron Jewell stating he is owed nearly $12,000 in deposit money.
Investors’ American Dream Turns Nightmare
The fallout extends to investors who purchased franchises from IPG. Jane Sonkin, who moved her family from Canada to Florida after investing $274,000 for contracts to manage 10 rental properties, claims she has lost over $200,000 and has had no communication from the company for months. Olga Billat from France shared a similar story, having invested over $250,000 for 10 vacation rental contracts, only to find herself with "zero information" and her "lifetime savings gone."
Legal Battles and Bankruptcy Filing
Multiple lawsuits have been filed against IPG Franchising by investors and property owners across Florida. The company, run by Graham and Jamie Greene, who also operated Island Attitude, has now filed for Chapter 11 bankruptcy. The filing lists over 80 creditors and indicates assets under $50,000, with liabilities estimated between $1 million and $10 million. Investors like Sonkin and Billat have contacted law enforcement and the state attorney general.
Company’s Defense
Attorneys for IPG Franchising have previously stated that the company has suffered significant financial setbacks due to the pandemic and hurricanes. They claim to be working diligently to satisfy legitimate unpaid claims and seek amicable resolutions for pending lawsuits, though an immediate full resolution is not possible due to severe losses.
Sources
- More complaints, lawsuits against Florida vacation rental company, Gulf Coast News and Weather – Southwest Florida News.
- Florida vacation rental company files for bankruptcy, Gulf Coast News and Weather – Southwest Florida News.