Fallen So Far: DC-Area Businessman Losing $23 Million Mansion To Foreclosure

September 17th, 2012 - By Tonya Garcia

A painting of Mr. Hunt. Image: PR Newswire via AP Images

Rodney P. Hunt made a name for himself by becoming one of the most successful black-owned government contractors in the country. And he wasn’t shy about it; he let everyone know about his success, talking up the lavish $23.1 million mansion that owned on the riverfront in McLean, VA. We say “owned” because the house is scheduled to be sold at auction on September 27, reports The Washington Post.

At one point, Hunt’s wealth was estimated at $265 million. The co-founder of RS Information Systems, a tech company launched in 1992, he sold that company in 2007. His son was featured on MTV’s Teen Cribs (you can watch a clip via that Washington Post link), his company employed 1,700 workers at one time and RSIS stayed on the Inc. 500 list for years.

But despite his actual success, Hunt felt the need to exaggerate, inventing college degrees, a partial ownership of the Washington Nationals baseball team and even a visit from President Obama when he was a candidate on the campaign trail four years ago. Now, he’s in default for $9.4 million on his lavish Potomac River mansion, owes $10 million for loans and bad investments and hasn’t responded to media inquiries. He has a music label, RPH Entertainment, that reps a number of little-known acts and one, Big Pokey, that WaPo says you might know.

In case you’re shopping for some property, the McLean mansion is equipped with a bowling alley, indoor basketball court and a 15-car garage. Hunt at one time said it covered a total of 53,000 square feet. (He also called his son Bradley, aka rapper Kid Named Breezy, “The Chosen One.” Yikes.) You would need a $100,000 certified check in-hand to purchase.

After the huge success of his tech business, it sounds like Hunt got a little too big-headed and is now paying the price. No one wants to hear a story about someone losing their home or livelihood, but it is a cautionary tale.

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  • He knows me

    I knew this man.Trust me. He is a very very smart man.He would never ever go broke. he just wanted to be in the news!!!

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  • Ann

    Big Dummy, Dummy, Dummy…………………..

  • Kayo

    If he had all that money, why did he take out loans?

    • Activist1

      Leaves you with extra cash to invest, save and diversify your financial portfolio if you do so wisely. Everyone does. Whether you are a blue collar worker or a multibillionair.

      • Kayo

        Everyone does not, actually. The thing is, the interest on the loans he had would be sky high, and it is my understanding that those who are truly wealthy pay for
        things in cash so that they outright own whatever it is they bought.

        • Activist1

          When i said everyone i meant you’ll find people in various economic classes that do the same. Not everyone pays cash for everything and outright owns it. Some things yes others no. True wealth is knowing how to use money and how to spend it, how to make it work for you not paying cash for everything.

      • gracie

        Still don’t think it makes sence to take out loans if he had all that money he claimed to have. Loans are just an excuse for people live beyond their means. I own a business and I have 0 debt.

        • Avtivist1

          Wow if you can own a business with zero business or personal debt you have to start teaching classes. Many prominent business people who own and operate fortune 500 businesses, own conglomerates, etc. And they use loans. Donald Trump, Oprah, several entertainers whose fortunes are in the hundreds of millions have had and do have loans. Be it business or personal. Loans are not about living outside or your means unless you use it that way. It is to build credit for some and to build business for others. How responsibly you use it determines what it is to you. However, I suppose this may be an area we disagree on. Also, I also own a business. Through wise investment, proper savings and money management I paid my loans off quickly and in turn diversified my portfolio thus bringing in wealth from other areas beyond the few businesses I own.

          • Kayo

            You are right that people obtain loans to build credit, but those who are wealthy don’t need credit because they have cash.