D
aryl Heller, a Lancaster County entrepreneur, claimed to own luxury properties worth over $4 million in Pennsylvania, New York, and Kansas as part of his personal wealth just two years ago. However, his lawyer now says he doesn't have ownership stakes in those businesses. The properties are owned by entities that Heller originally registered, but it's unclear who owns them now.

    Heller's 2023 personal financial statement listed assets worth over $310 million, with most coming from operating entities under the Heller Capital Group umbrella. However, his lawyer says he only had a partial ownership in most of these companies and transferred some shares to family members.

    The real estate includes a luxury A-frame lodge, hundreds of acres of farmland, and an active gas drilling well pad. The properties are valued at over $4 million and could be swept up in Heller's bankruptcy case. A judge has appointed an examiner to scour Heller's business records, and investors' attorneys have filed a motion to appoint a trustee to recover as much money as possible for creditors.

    Heller's lawyer says he owns 1% or less of the companies listed on his financial statement, including Brookfield Properties, which owns several properties in Pennsylvania and New York. However, county records show that Brookfield Properties owns over $2 million worth of land and a lodge. Heller also claimed to own DHQM and DHQM2, but his lawyer says he only ever owned 0.5% of DHQM and never owned any of DHQM2.

    Accordo Limited Partnership, another company formed by Heller, owns 380 acres of land in New York and several properties in Kansas. However, Heller's lawyer says he only ever owned 1% of Accordo and signed away that stake in early 2024. If a trustee is appointed, they may investigate fraudulent transfers and use legal concepts like "veil piercing" to reject the idea that Heller's corporations are truly separate entities.

    A judge has yet to decide whether to appoint a trustee, but if they do, it would signal a new phase of the bankruptcy case and could be bad news for Heller.