American commercial developer Robert Flaxman is well-known for his role in the 2019 college admissions scam. Due to news of his passing, he is currently in the headlines.
Unfortunately, Southern California-based Crown Realty & Development, a national real estate corporation with a sizable presence in Arizona and other states, has filed for bankruptcy.
The corporation has created and invested in numerous projects across the country during the past three decades. Among other major ventures, it built a name for itself as the owner and developer of the Burbank Mall.
In Arizona, Crown was instrumental in the creation of the Mountain Shadows and Omni Montelucia resorts in Paradise Valley.
In addition to the Adeline, the most prestigious luxury high-rise residential skyscraper in downtown Phoenix, just across from the Footprint Center, which it owns and is currently developing, in North Phoenix’s quickly expanding district, City North.
What Was Robert Flaxman’s Net Worth At The Time Of His Death?
At the time of his passing, Flaxman’s net worth was estimated to be between $5 million and $17 million. According to The Real Deal, before he was detained, his real estate development company had a $600 million portfolio under its management.
According to The Daily Beast, Flaxman was a flashy real estate tycoon who enjoyed driving Rolls Royces, dating Playboy models, throwing extravagant pool parties in Beverly Hills, and occasionally using the identity Robert Emerald.
According to a 2020 Los Angeles Times article, Flaxman sold two of his nearby Beverly Hills properties for $34 million after completing his prison term.
Flaxman’s Death Was Ruled As A Suicide
William “Rick” Singer, the brains behind the “Varsity Blues” college admissions scandal, and Beverly Hills real estate developer Robert Flaxman conspired in 2019, and Flaxman pleaded guilty to that charge in 2019. Flaxman committed suicide last week at his Malibu home.
When Flaxman, 66, acknowledged taking part in the admissions scam by paying Singer $75,000 to rig his daughter’s ACT exam, he was sentenced to a month in jail, a $50,000 fine, and 250 hours of community service.
The Los Angeles County Medical Examiner-Coroner has closed the case after the real estate magnate passed away on October 20 at home.
The Real Deal was the first to report on his passing. In addition to actresses Lori Loughlin and Felicity Huffman, Flaxman was one of about thirty parents who were accused of collaborating with Singer, a Newport Beach consultant who masterminded the college admissions fraud that involved falsifying test results and purchasing seats at prestigious universities through athletic coaches.
The singer entered a guilty plea to four charges. Operation Varsity Blues was the name of the FBI inquiry into the conspiracy.
William Weinreb, Flaxman’s attorney, claimed that his client had been motivated by a misguided desire to assist his daughter in enrolling in a “lower-tier school” since she had a “checkered disciplinary record and modest grades” as a result of years of difficulties.
Weinreb reported that Singer informed him his daughter wouldn’t get into the University of San Francisco or any other institution if she didn’t have a decent ACT score.
Flaxman allegedly tried to get his daughter’s life back on track by trying to get her into a four-year college. Weinreb claimed that Flaxman accepted Singer’s offer to manipulate the exam.
In 2020, Flaxman started off-loading his Beverly Hills residences, putting them on the market for a combined $34 million. This article first appeared in the Los Angeles Times.
Robert Flaxman is a well-known American prominent commercial developer and Real estate agent whose net worth is estimated to be between $5 million and $17 million at the time of his death. He is widely known for his involvement in the 2019 college admissions scandal based in Los Angeles.
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