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Justin French’s wife files for bankruptcy

Al Harris October 27, 2011 2

The wife of jailed developer Justin French has filed for bankruptcy in Florida.

Tanya French listed total assets of $2,048,776.39 and liabilities of $5,771,137.90 in a Chapter 7 filing submitted this month.

French and her two children moved to the Miami area as her husband’s legal and financial troubles mounted. The recent filing indicates that she now lives in Austin, Texas.

The largest asset is the Frenches’ former residence at 330 Oak Lane in Richmond with a value of $2,035,000. That property, which was the former residence of local historic figure Douglas Freeman, was foreclosed on last year. The amount still owed on the Bank of America issued mortgage is $1.4 million. There is a second mortgage on the house held by Village Bank totaling $900,000, according to the bankruptcy filing.

Other assets include $4,500 worth of furniture, appliances and other household goods, some of which are stated as being held by the FBI in a storage facility in Richmond as part of the forfeiture order stemming from Justin French’s fraud conviction. French’s engagement and wedding rings are valued at $8,000. French had a 70 percent ownership interest in Savor Company, a restaurant in Manchester that closed in May.

Among her assets, French also lists trade tools including shears, brushes, a blow dryer, razors and clippers totaling $500.

In addition to the two mortgages on her former residence, other secured claims against French stem from several more mortgages on properties that her husband developed at 3012-3026 Q St. They are held by Virginia Commonwealth Bank and total more than $3 million.

Justin French is serving 16 years in prison for a tax credit scheme that netted him as much as $20 million. He has a pending involuntary bankruptcy case in Richmond.

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2 Comments »

  1. Christine Ottersberg May 24, 2012 at 10:45 am - Reply

    I am so saddened that Tanya and her children have to go through this horror. Justin gets three hots and a cot, Tanya has a family but gosh what a shame.

  2. Kyle McKenna January 13, 2014 at 2:28 pm - Reply

    So much for the hard assets, but where did the $20 million go??

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