What was Mercedes Homes?


Quick Answer

Mercedes Homes was a residential home builder based in Melbourne, Florida that began operations in 1983. It sold 35 homes in its first year. At the height of its operations, it sold 2,357 homes in 2007 and ranked as the 30th top builder in the country according to Builder Magazine. The company closed its building division on Jan. 13, 2012 as it liquidated its holdings and ended business operations.

Continue Reading

Full Answer

Over the course of its operations, the company built homes for over 40,000 families in Florida, Texas and North and South Carolina. The company, founded by Howard Buescher and his daughter Susan Girard, was named after Buescher's wife. The company corporate structure included insurance services, title and closing services, a building division and mortgage brokering and lending services.

After the company failed to negotiated a successful debt-term with Strategic Value Partners LLC, the company was forced to end its operations. On March 12, 2012, Building Magazine reported the company agreed to sell any existing completed homes, but that no new projects would be undertaken.

Mercedes Homes suffered earlier business problems when it filed for Chapter 11 bankruptcy in January of 2009. Following the filing, the company, which featured employees owning 57 percent of the stock, reorganized its operations and gave sole ownership of the company back to the Buescher family.

Learn more about Corporations

Related Questions