Michael Mastro Life and Financial Struggles

Michael Mastro's life was a tale of two extremes. He was a wealthy businessman and art collector, known for his lavish lifestyle and impressive collection of artwork.

He was born in 1940 in Seattle, Washington, and grew up in a middle-class family. Mastro's father was a successful businessman who instilled in him a strong work ethic and a passion for entrepreneurship.

Mastro's financial struggles began in the late 2000s, when the real estate market began to decline. He had invested heavily in the market, and his business empire began to crumble.

Michael Mastro has been in the real estate business since 1967, developing projects worth at least $2 billion over 40 years.

He was involved in hard money loans, mostly to desperate real estate developers, with second or third deeds of trust on the project as collateral.

Michael Mastro's company, Michael R. Mastro Properties, is well known in and around Seattle, where most of its projects and properties are located.

The company's developments include Vancouver's Town Plaza, originally called the Tower Mall, the Oasis waterpark in Palm Springs, and Ballard Lofts in Seattle.

Michael Mastro met his wife, Linda Ann Gale, in 1974 at the Peoples Bank where they both worked.

They were married on June 3, 1989, after 15 years of knowing each other.

Michael Mastro declared bankruptcy in 2009, which has been described as the largest personal bankruptcy in the history of Washington state.

Here are some key dates in Michael Mastro's life:

Michael Mastro's financial issues were a major point of contention. He was forced into involuntary bankruptcy in July 2009 and filed for Chapter 7.

Michael Mastro's bankruptcy is believed to be the largest personal bankruptcy ever in the state of Washington, with assets exceeding $249 million and liabilities of over $586 million.

Michael Mastro's creditors were not satisfied with the bankruptcy proceedings. In May 2010, a judge ruled that two diamond rings worth $1.4 million belonged to Linda Mastro, making them exempt from creditors.

The Mastros' financial troubles continued to unravel. In June 2011, a judge ordered them to hand over the two diamond rings, but they disappeared instead.

Michael Mastro was eventually arrested in France in October 2012, along with his wife Linda, for hiding assets and bankruptcy fraud.

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Michael Mastro's life was a testament to his entrepreneurial spirit, starting his real estate career in 1967 and developing projects worth at least $2 billion over 40 years.

He was a prolific developer, creating office buildings and homes that earned him a reputation in Seattle. His company, Michael R. Mastro Properties, was well known in the area.

In 1989, Mastro sold some office buildings to Boeing for a whopping $211 million, which likely had a significant impact on his financial situation.

Marriage and personal life also played a role in his financial journey, as he met his wife Linda Ann Gale at a bank where they both worked in 1974.

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Michael Mastro's financial problems started to surface in 2009, when he was forced into involuntary bankruptcy in July of that year.

He filed for Chapter 7 bankruptcy and listed assets of over $249 million, but also had liabilities of over $586 million.

A judge ruled in May 2010 that two diamond rings worth $1.4 million belonged to Linda Mastro, which meant they couldn't be used to pay off debts.

In June 2011, a judge ordered Michael and Linda Mastro to hand over the two diamond rings.

Michael Mastro's bankruptcy is believed to be the largest personal bankruptcy ever in the state of Washington.

The couple's financial troubles continued to escalate, and they disappeared in June 2011 after failing to comply with a judge's order to hand over the diamond rings.

They were eventually found and taken into custody in France in October 2012, and were accused of many counts of not following bankruptcy rules and hiding money.

Their bankruptcy case was highly publicized, with a 2013 report valuing all of the jewelry seized from the Mastros at $3 million.

The couple's financial woes had a significant impact on their business associates, including Tom Hazelrigg, who was forced to pay back $76 million to Mastro.

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Michael Mastro's financial dealings have been surrounded by controversy.

In 2009, Mastro allegedly put up his Medina, Washington home as collateral for a $1.2 million loan, but a judge later ruled this was a sham to keep the house out of reach of other creditors.

Judge Marc Barreca denied Jack Dorssers, a former business associate of Mastro, a share in the $8.36 million proceeds from the sale of Mastro's Medina home in November 2012.

Jack Dorsser is appealing Judge Barreca's decision, which means the controversy surrounding Mastro's financial dealings is far from over.

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