The StoryBuilt Story

A story without a happy ending.  StoryBuilt was a local Austin developer doing condos, apartments, and mixed use.  In July of ‘23, the company laid off almost its entire staff of over 100 people and top leadership was reshuffled.  They were dealing with lawsuits from both investors and condo owners.  Shortly thereafter, the house of cards they built fell apart when it was uncovered that they were cookin’ the books.  The company went into receivership and the details of what was going on are crazy.  They were mixing funds among various projects.  Investor funds were being used for unapproved purposes.  Money was being moved around with no documentation to substantiate it.  Shareholder payouts didn’t follow their own guidelines.  And so on and so on.  In addition to a variety of lenders, there were almost 500 investors who invested a total of around $200 million.  The StoryBuilt story is still unfolding, and it’s a tragedy.

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