An CRE-following FrontBurnervian (that’s “commercial real estate,” duh) points us to this Wall Street Journal story about a bank for people who are sick of liberal banks that don’t share their values. The tale lies tucked behind a paywall, so here’s the basics: rich folks such as Peter Thiel gave a guy named Toby Neugebauer about $50 million, and it hasn’t gone well. I hope I didn’t oversimplify it.
Here are the juicier parts of the story: “Mr. Neugebauer’s 16,000-square-foot Dallas home, modeled after the White House, became the company’s initial headquarters. Desks dotted the property’s palatial common areas. Employees who didn’t live in Dallas would often stay in guest bedrooms, where they could sometimes hear Mr. Neugebauer pacing the halls during his 17-hour workdays, according to former employees.”
And: “[S]taffers began complaining about what they said were Mr. Neugebauer’s volatile behavior and drinking habits, according to people familiar with the matter and a memo from Britt Amos, GloriFi’s former head of human resources, reviewed by the Journal. Ms. Amos left in the spring after clashing with Mr. Neugebauer, and she recounted issues she saw as problems in the memo. ‘Several people working at the mansion told me to make sure I leave around 6,’ Ms. Amos wrote in the memo. ‘When I inquired why, they stated that after 5 p.m. Toby starts drinking and things at the house deteriorate quickly.’”
Which is exactly why they invented WeWork. That way, you can leave your coworkers behind at the end of the day, and whatever happens at your house after 5 p.m. stays out of the Wall Street Journal. I haven’t raised anywhere near $50 million, and even I know this.
Anyway, the Journal didn’t identify the house with any greater specificity, so I tracked it down for you. It once belonged to Ralph Oats. It’s 10777 Strait Ln. The DMN wrote about it in 2018. And here’s a gallery of 36 photos.