The long-time operator of a Waukesha-based realty agency and former president of the Wisconsin Realtors Association has filed for personal bankruptcy protection.
Richard Kollmansberger, and his wife, Banga, filed a Chapter 7 petition recently in U.S. Bankruptcy Court in Milwaukee. They listed assets totaling $2.37 million, and liabilities of $5.14 million.
Kollmansberger couldn't be reached for comment Wednesday.
According to the bankruptcy filing, Kollmansberger owns Bethesda Real Estate Inc., which does business as First Realty GMAC and recently was placed under control of a court-appointed receiver. The receiver, Seth Dizard, is seeking a judge's permission to sell some of Bethesda's assets to help raise cash, according to Waukesha County Circuit Court records.
First Realty has offices in Waukesha and Greenfield. As recently as December 2007, First Realty also operated offices in Brookfield, Mukwonago, Oak Creek and Port Washington. Those offices since have closed as home sales have dropped.
Kollmansberger also owns a 25% interest in One Stop Open Houses LLC, and a 50% interest in Real Estate Titles LLC, according to the Chapter 7 petition. Both businesses stopped operating earlier this year.
The largest creditor listed is Wauwatosa-based Waterstone Bank, with unsecured claims totaling $1.8 million. Also, real estate agency franchisor GMAC Home Services LLC of Morristown, N.J., has an unsecured claim of $590,918.
Kollmansberger founded First Realty in 1981. He served as Wisconsin Realtors Association president in 1995 and 1996.