x
Breaking News
More () »

Austin's Leading Local News: Weather, Traffic, Sports and more | Austin, Texas | KVUE.com

Austin businessman Nate Paul lost 9 properties worth combined $138M to foreclosure: Report

The 3M campus accounted for the largest portion of the foreclosures, valued at $100.9 million.

AUSTIN, Texas — Editor's note: The video published above is a 2019 KVUE report about allegations made against Nate Paul and his company, World Class Holdings, after an FBI raid of the Downtown Austin office.

Notable Austin businessman Nate Paul lost more major pieces of his real estate empire, according to reports from KVUE's media partners at the Austin American-Statesman.

The Statesman reported that Paul's company, World Class Property, had nine properties foreclosed upon, totaling losses of $138.1 million. The largest portion of that was $100.9 million from the 3M campus, according to the Statesman. 

Karlin Real Estate LLC, a company based in Los Angeles that already owns real estate in Austin, acquired the bulk of them during Tuesday's auctions, the Statesman reported.

RELATED: Who is Nate Paul, the Austin investor connected to Texas AG Ken Paxton allegations?

Paul told the Statesman in an email that Tuesday's sales were "unlawful" and indicated he will contest them. He also told the Statesman he is "being victimized by unethical adversaries."

These foreclosures aren't the first for Paul. In December of 2020, a number of properties owned by Paul and World Class Property Company were acquired during a foreclosure sale in Travis County by a lender owed about $22 million in delinquent debt. 

Aside from the foreclosure news, Paul has also been a notable figure in the ongoing controversy regarding allegations of corruption against Texas Attorney General Ken Paxton.

RELATED: Nate Paul, World Class properties acquired in foreclosure sale

In early October, seven senior aides filed a criminal complaint against Paxton, claiming abuse of power, bribery and more linked to his dealings with Paul.

The Texas Tribune reported Wednesday that Paxton filed an 85-page brief arguing that under state law, a whistleblower must believe someone has broken the law, but the aides only reported “they expected laws might be violated.”

Paxton argues the aides were unsatisfied he overruled their decision not to get involved in a lawsuit between Paul, his friend who gave $25,000 to Paxton’s 2018 reelection campaign, and the Roy F. and Joann Cole Mitte Foundation, according to The Texas Tribune

KVUE reported in August of 2019 that the FBI had raided Paul's downtown office at World Class Holdings on Fourth Street and Congress Avenue. World Class has offices in Austin, Dallas, New York and Los Angeles.

To read the Statesman's full report about Tuesday's foreclosures, click here.

WATCH: FBI issues subpoena at Texas AG Ken Paxton's office

PEOPLE ARE ALSO READING: 

Forensics department to officially separate from APD July 1

Buc-ee's CEO appointed as chair of Texas Parks and Wildlife Commission

Fallen San Marcos police officer Justin Putnam to receive public funeral Thursday