One of the most spectacular bankruptcies of the Sacramento real estate crash is about to wrap up, with creditors receiving a fraction of what they said they were owed.
Dunmore Homes Inc., which was one of the Sacramento region's largest homebuilders, expects to conclude its bankruptcy at a hearing July 2.
The company will make a final $886,000 payment to creditors, bringing total payout to a little more than $4.2 million, according to a court filing last week by liquidation trustee Leon Szlezinger.
That compares with $478 million worth of claims filed by creditors, Szlezinger said.
Founded by family patriarch George Dunmore in 1953, the company built 22,000 homes in the Central Valley and Nevada. George and his son Sidney B. Dunmore, who took over active management in 1977, were elected to the California Building Industry Hall of Fame.
The company imploded after the younger Dunmore continued to buy vast swaths of land even as the housing bubble was showing signs of bursting. Shortly after George Dunmore died in October 2007, the company closed and filed for Chapter 11 bankruptcy protection.
Call The Bee's Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.