Homebuilder files $58M bankruptcy

Memphis residential developer David Miller, managing member or partner for two of Shelby County’s largest homebuilders, has filed Chapter 7 voluntary bankruptcy claiming $58 million in liabilities with assets of $1.9 million, according to a filing in U.S. Bankruptcy Court’s Western District of Tennessee.

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Glankler Brown PLLC bankruptcy attorney David Blaylock, who has practiced more than 40 years, says even in economic troubling times a $58 million personal bankruptcy is notable.

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Miller isn’t a newcomer to the homebuilding scene.

He’s been an active homebuilder in the Memphis area for nearly 20 years. In 1993 he founded Perennial Building Group LLC, which as late as 2007 was the second largest homebuilder in Shelby County behind Chamberlain & McCreery Inc., building 94 homes, according the Memphis Business Journal’s 2009 Book of Lists. In 2009, Perennial dropped to No. 8 on the list with just 13 homes.

Miller is also chief manager for Irongate Homes LLC, founded in 2008, which built 42 homes in 2009.

According to his bankruptcy filing, Miller holds 50% ownership in Perennial, Latting Road Partners LLC, Forest Road Partners LLC and Hyneman-Miller LLC. He has 100% interest in David Miller LLC.