Crypto real estate company plans to sell Detroit properties

by Aaron Mondry, Outlier Media
July 16, 2026

A cryptocurrency real estate company that sold shares of about 700 Detroit properties says it plans to sell off its entire portfolio. 

RealT co-founder Jean-Marc Jacobson made the announcement on a July 2 call with investors, citing mounting financial and legal troubles that are pushing it toward insolvency. 

“We are entering voluntary liquidation,” he said. “We are going to sell every asset, all of them.” 

The news is the latest development in the steady downfall of RealT, a company that raised around $140 million selling digital tokens to overseas investors for U.S. real estate, mostly in Detroit. 

Last year, Detroit filed what it called the largest nuisance abatement lawsuit in the city’s history following an investigation from Outlier Media that uncovered widespread neglect of its properties and tenants. The company owed millions of dollars in unpaid taxes and blight fines. More than 100 of its properties sat vacant, and tenants were clamoring for repairs. 

Details of the proposed liquidation remain unclear, including whether properties would be sold as is and who the buyers might be. Jacobson also didn’t clarify whether the company planned to sell its roughly 170 other properties outside Detroit.

The company’s attorney, Andrew Creal, declined to comment for this story. 

It’s also unclear how liquidation would happen given the constraints of the lawsuit. 

The city and RealT signed an agreement in April that transferred control of the company’s Detroit portfolio to a special fiduciary, Charles Bullock. Under the agreement, Bullock has final say over whether Detroit properties can be sold. 

Detroit Corporation Counsel Conrad Mallett said RealT has yet to file anything in court and that the announcement doesn’t yet change the case. 

“Do they mean that they are going to go to (the judge), ask if the case be dismissed because they intend to file for bankruptcy?” he said. “Go to court, give us the appropriate notice … and let’s have the judge evaluate it.” 

Mallett added that if it meant an expanded role for Bullock, “that’s good news.” In any potential sale, Mallett said the city would try to provide opportunities for tenants and first-time homebuyers to purchase homes. 

Financial strain 

Jacobson said he and his brother and co-founder, Remy Jacobson, decided to liquidate after an investor accused RealT of malfeasance in communications with Bullock. Jean-Marc Jacobson claimed those messages damaged their relationship with Bullock, who has since refused to accept money directly from the brothers. 

“So now he is going to sell the assets and pay himself,” Jean-Marc Jacobson said on the investor call. “We can’t do anything because he already had the authority to do that under the court order.” 

Jean-Marc Jacobson said the company has no choice but to liquidate. 

Bullock declined to answer most questions, saying many would be answered in an upcoming court filing. But he did dispute Jean-Marc Jacobson’s account. 

“Mr. Jacobson’s representation of my position (and the basis for my position) is inaccurate,” Bullock wrote by email. 

RealT has been under severe financial strain for months. 

Earlier this year, its in-house property management firm had shrunk to a handful of employees and stopped doing day-to-day maintenance. 

One month after being appointed fiduciary, Bullock alleged in a court filing that RealT was already violating the agreement. According to his filing, the company failed to pay its $33,322.50 share of Bullock’s invoice, failed to maintain required insurance coverage, and didn’t properly register whether properties were occupied or vacant. 

That motion was later withdrawn following negotiations, according to Mallett. He added that the Jacobsons have not been committing enough money to properly rehabilitate the portfolio. 

‘We want … to see the CEOs go to prison’ 

RealT is also facing a revolt from its own investors. 

French attorney Arnaud Delomel, who specializes in representing victims of fraud, has been organizing a legal action on behalf of RealT investors. He said about 400 individuals had joined the effort and that he expected to file a complaint in France this fall. 

Delomel said he’s still gathering information from investors, former employees and other sources. But, he said, RealT “seems to be a scam.” 

The lawyer agreed to take on the case after talking to a French YouTuber and former RealT investor who goes by Un Peu Moins Pauve. He requested anonymity because he said he’s received death threats for his recent activism. 

At one time, the former investor promoted RealT’s token offerings, but has since become one of the company’s most outspoken critics. 

He said a lawsuit would seek to recover investors’ money, secure better outcomes for tenants who have “been through hell” and provide evidence for a criminal complaint. 

“What we want to obtain is redress through reimbursement of our assets, and to see the CEOs go to prison,” the former investor said. 

Editor’s note: This story relies on a transcript and translation of a French-language recording generated with artificial intelligence. Outlier Media’s SaMya Overall reviewed the transcript for accuracy, and a native French speaker independently verified the translation. 

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Crypto real estate company plans to sell over 700 Detroit properties</p> <p>Aaron Mondry, Outlier Media<br /> July 16, 2026</p> <p>A cryptocurrency real estate company that sold shares of about 700 Detroit properties says it plans to sell off its entire portfolio. </p> <p>RealT co-founder Jean-Marc Jacobson made the announcement on a July 2 call with investors, citing mounting financial and legal troubles that are pushing it toward insolvency. </p> <p>“We are entering voluntary liquidation,” he said. “We are going to sell every asset, all of them.” </p> <p>The news is the latest development in the steady downfall of RealT, a company that raised around $140 million selling digital tokens to overseas investors for U.S. real estate, mostly in Detroit. </p> <p>More from<br /> The Speculators of Detroit</p> <p>Last year, Detroit filed what it called the largest nuisance abatement lawsuit in the city’s history following an investigation from Outlier Media that uncovered widespread neglect of its properties and tenants. The company owed millions of dollars in unpaid taxes and blight fines. More than 100 of its properties sat vacant, and tenants were clamoring for repairs. </p> <p>Details of the proposed liquidation remain unclear, including whether properties would be sold as is and who the buyers might be. Jacobson also didn’t clarify whether the company planned to sell its roughly 170 other properties outside Detroit.</p> <p>The company’s attorney, Andrew Creal, declined to comment for this story. </p> <p>It’s also unclear how liquidation would happen given the constraints of the lawsuit. </p> <p>The city and RealT signed an agreement in April that transferred control of the company’s Detroit portfolio to a special fiduciary, Charles Bullock. Under the agreement, Bullock has final say over whether Detroit properties can be sold. </p> <p>Detroit Corporation Counsel Conrad Mallett said RealT has yet to file anything in court and that the announcement doesn’t yet change the case. </p> <p>“Do they mean that they are going to go to (the judge), ask if the case be dismissed because they intend to file for bankruptcy?” he said. “Go to court, give us the appropriate notice … and let’s have the judge evaluate it.” </p> <p>Mallett added that if it meant an expanded role for Bullock, “that’s good news.” In any potential sale, Mallett said the city would try to provide opportunities for tenants and first-time homebuyers to purchase homes. </p> <p>Financial strain </p> <p>Jacobson said he and his brother and co-founder, Remy Jacobson, decided to liquidate after an investor accused RealT of malfeasance in communications with Bullock. Jean-Marc Jacobson claimed those messages damaged their relationship with Bullock, who has since refused to accept money directly from the brothers. </p> <p>“So now he is going to sell the assets and pay himself,” Jean-Marc Jacobson said on the investor call. “We can’t do anything because he already had the authority to do that under the court order.” </p> <p>Jean-Marc Jacobson said the company has no choice but to liquidate. </p> <p>Bullock declined to answer most questions, saying many would be answered in an upcoming court filing. But he did dispute Jean-Marc Jacobson’s account. </p> <p>“Mr. Jacobson’s representation of my position (and the basis for my position) is inaccurate,” Bullock wrote by email. </p> <p>RealT has been under severe financial strain for months. </p> <p>Earlier this year, its in-house property management firm had shrunk to a handful of employees and stopped doing day-to-day maintenance. </p> <p>One month after being appointed fiduciary, Bullock alleged in a court filing that RealT was already violating the agreement. According to his filing, the company failed to pay its $33,322.50 share of Bullock’s invoice, failed to maintain required insurance coverage, and didn’t properly register whether properties were occupied or vacant. </p> <p>That motion was later withdrawn following negotiations, according to Mallett. He added that the Jacobsons have not been committing enough money to properly rehabilitate the portfolio. </p> <p>‘We want … to see the CEOs go to prison’ </p> <p>RealT is also facing a revolt from its own investors. </p> <p>French attorney Arnaud Delomel, who specializes in representing victims of fraud, has been organizing a legal action on behalf of RealT investors. He said about 400 individuals had joined the effort and that he expected to file a complaint in France this fall. </p> <p>Delomel said he’s still gathering information from investors, former employees and other sources. But, he said, RealT “seems to be a scam.” </p> <p>The lawyer agreed to take on the case after talking to a French YouTuber and former RealT investor who goes by Un Peu Moins Pauve. He requested anonymity because he said he’s received death threats for his recent activism. </p> <p>At one time, the former investor promoted RealT’s token offerings, but has since become one of the company’s most outspoken critics. </p> <p>He said a lawsuit would seek to recover investors’ money, secure better outcomes for tenants who have “been through hell” and provide evidence for a criminal complaint. </p> <p>“What we want to obtain is redress through reimbursement of our assets, and to see the CEOs go to prison,” the former investor said. </p> <p>Editor’s note: This story relies on a transcript and translation of a French-language recording generated with artificial intelligence. Outlier Media’s SaMya Overall reviewed the transcript for accuracy, and a native French speaker independently verified the translation. </p> <p>This article first appeared on Outlier Media and is republished here under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

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