Los Angeles developer Elite Investment Management Group has filed for chapter 11 protection about a month after it was sued for fraud involving an unfinished Bel Air mansion, the Real Deal reported. The filing gave the location for the company’s principal asset as 10710 Chalon Road. In 2018, the Bel Air megamansion project was touted for its stratospheric price of $88 million. The unfinished mansion is the focus of the lawsuit against Elite Investment in Los Angeles Superior Court. The voluntary bankruptcy, filed Sept. 5, is intended to protect the company from creditors. It gave an estimated value of assets from $10 million to $50 million, with estimated liabilities in the same range. A telephonic meeting for creditors is scheduled for Oct. 4.
