BUENA PARK, Calif.
— Biltmore Realty Group will sell its online real-estate business for $20.5 million, its founder and CEO said Thursday, ending a five-year relationship with the online real property brokerage firm.
Biltworth Realty will continue to operate its online portfolio of properties and services in partnership with real estate broker Real Estate Consultants, CEO Robby L. Biltworth said in a statement.
It will also continue to serve as a leading provider of home-rental data, providing home-buyers and sellers with the most up-to-date information on where to live.
The move comes amid an economic slowdown that has hurt Biltmontire’s business.
The company had an adjusted loss of $1.2 billion in its fiscal fourth quarter, down from a loss of more than $6 billion a year earlier.
Bilgough, who stepped down last year as CEO, had been on a shopping spree that included buying a stake in a New York-based sports franchise and a Los Angeles-based arena.
The firm’s holdings included the Los Angeles Kings, the Los Altos Hills Dodgers, the L.A. Clippers and the Los Gatos Coliseum, which opened in 2018.
Bilkworth was a frequent guest on “Real Time” and “PBS NewsHour” on PBS, and he had helped build Biltmanet’s online presence and service.
He was also chairman of the Bilttenessee Business Council, which lobbies on behalf of businesses in Tennessee.
Billeter, a former investment banker at JPMorgan Chase & Co., left the company last year to start a private equity firm.
Bilgoures, who had a net worth of $7.5 billion in 2017, will remain a director and serve as chief operating officer.
Bills not yet filed by Biltmores parent company Biltmor Realty Corp. were not immediately available.
