Add Pasquinelli to the developer deadpool

Crain’s Chicago Real Estate Daily is reporting that Pasquinelli Homebuilding LLC, one of Chicagoland’s better-known builders, has filed for Chapter 7 bankruptcy liquidation.

According to Crain’s, Pasquinelli estimated it “has just over $10 million to $50 million in liabilities and just over $500,000 to $1 million in assets.” After legal fees there’s not likely to be much left for the firm’s estimated “10,001 to 25,000 creditors.”

Crain’s also notes that Harris Bank has accused the Pasquinelli brothers of improperly siphoning $87 million from the firm between 2005 and 2009.

The above video is a drive through Heron Bay, a Pasquinelli development in Round Lake that was nearly complete in July of 2009.

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