RealT’s tokenized real estate empire in Detroit is mired in “unfinished projects” and lawsuits
PANews reported on March 17, according to WIRED, that the tokenized real estate platform RealT, founded by Canadian brothers, sells properties in Detroit and other locations by splitting them into crypto tokens priced at about $50 each to more than 16,000 investors worldwide. The platform claims to offer annualized returns of up to 12%, with its asset portfolio once reaching approximately 150 millions USD, and describes itself as "one of the world's largest real estate tokenization platforms." Since 2024, the Detroit city government has filed civil lawsuits against RealT and its 165 related LLCs, accusing them of hundreds of city "blight" violations, unpaid taxes, and stating that at least 408 properties lack compliance certificates, suffer from severe disrepair, water leakage, fire hazards, and some properties are even occupied by gangs acting as "black landlords." The court subsequently prohibited RealT from collecting rent or evicting tenants from the relevant properties until compliance is restored. RealT attributed the responsibility to property management and local partners, denying systemic neglect of maintenance. RealT is currently planning to sell a large number of properties and suspend rent distribution to global investors, while shifting to issuing "preconstruction" token projects in Colombia and Panama.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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