A home featured on Bluestone Homes’ Facebook page. (Courtesy Bluestone Homes Facebook)
A Fort Collins homebuilder facing a number of lawsuits has filed for Chapter 7 bankruptcy.
Bluestone Homes of Colorado, which lists a Fort Collins P.O. box as its address, filed for bankruptcy Oct. 31. Chapter 7 bankruptcies are typically a liquidation process involving a selloff of the debtor’s assets.
Terence Hoaglund founded Bluestone in 2009. According to its website, it designs and builds energy-efficient homes, with long-term goals of building “net-zero-energy homes.”
In court filings, Bluestone Homes listed assets of $171,876 and said it owes $2.4 million to 52 creditors, including contractors and customers who put down deposits. Hoaglund, who signed the filings, claimed he is owed $43,405 for paying company debts on personal credit cards.
The filings show revenue has dropped this year compared to years past. From January to the Oct. 31 filing date, Bluestone reported a loss of $528,000 on $780,000 in revenue. That compares to $2.7 million revenue reported last year and $6.4 million reported in 2021.
Bluestone has been sued a handful of times in recent years. The bankruptcy case will halt the lawsuits.
In one case, John and Tamera Ohlendorf claim they paid Bluestone a $35,000 deposit for the company to build a home on a parcel of land in Severance, east of Fort Collins. The couple say in court documents that they sold their home in February expecting to move into the home, but that its completion date kept getting delayed.
The couple sued Bluestone on Oct. 18, claiming they didn’t get their deposit back, and the lot they reserved was sold to someone else in July. Bluestone filed for bankruptcy 13 days later.
Bluestone was also sued this year by building materials supplier Builders FirstSource and contractor Fossil Creek Drywall, which claim they are collectively owed $224,318 for materials and labor. Last year, Bluestone was sued by Mark Fuerte Concrete, which claimed Bluestone owed $170,000 for several concrete projects. That case was scheduled for trial in February.
In addition to Bluestone, Hoaglund founded Vignette Studios in 1998. The company describes itself as a “full service professional planning and landscape architectural consulting firm.”
Hoaglund did not respond to requests for comment. Attorney Algirdas Mykolas Liepas of Algirdas M. Liepas PC is representing the company in bankruptcy proceedings. He declined to comment.
A home featured on Bluestone Homes’ Facebook page. (Courtesy Bluestone Homes Facebook)
A Fort Collins homebuilder facing a number of lawsuits has filed for Chapter 7 bankruptcy.
Bluestone Homes of Colorado, which lists a Fort Collins P.O. box as its address, filed for bankruptcy Oct. 31. Chapter 7 bankruptcies are typically a liquidation process involving a selloff of the debtor’s assets.
Terence Hoaglund founded Bluestone in 2009. According to its website, it designs and builds energy-efficient homes, with long-term goals of building “net-zero-energy homes.”
In court filings, Bluestone Homes listed assets of $171,876 and said it owes $2.4 million to 52 creditors, including contractors and customers who put down deposits. Hoaglund, who signed the filings, claimed he is owed $43,405 for paying company debts on personal credit cards.
The filings show revenue has dropped this year compared to years past. From January to the Oct. 31 filing date, Bluestone reported a loss of $528,000 on $780,000 in revenue. That compares to $2.7 million revenue reported last year and $6.4 million reported in 2021.
Bluestone has been sued a handful of times in recent years. The bankruptcy case will halt the lawsuits.
In one case, John and Tamera Ohlendorf claim they paid Bluestone a $35,000 deposit for the company to build a home on a parcel of land in Severance, east of Fort Collins. The couple say in court documents that they sold their home in February expecting to move into the home, but that its completion date kept getting delayed.
The couple sued Bluestone on Oct. 18, claiming they didn’t get their deposit back, and the lot they reserved was sold to someone else in July. Bluestone filed for bankruptcy 13 days later.
Bluestone was also sued this year by building materials supplier Builders FirstSource and contractor Fossil Creek Drywall, which claim they are collectively owed $224,318 for materials and labor. Last year, Bluestone was sued by Mark Fuerte Concrete, which claimed Bluestone owed $170,000 for several concrete projects. That case was scheduled for trial in February.
In addition to Bluestone, Hoaglund founded Vignette Studios in 1998. The company describes itself as a “full service professional planning and landscape architectural consulting firm.”
Hoaglund did not respond to requests for comment. Attorney Algirdas Mykolas Liepas of Algirdas M. Liepas PC is representing the company in bankruptcy proceedings. He declined to comment.
