An investigation into the insolvency proceedings of SID Developments, a group of corporations linked to landlords Dylan Suitor, Ryan Molony, Robby Clark, and Aruba Butt, reveals a crumbling real estate empire spanning over 600 rental units across Ontario. The landlords, facing $144 million in debt, saw the sale of over 300 properties approved in court, leaving them with just 84 properties. This saga has been unfolding throughout the year, highlighting issues with tenant relations, neighborhood concerns, and municipal attempts to enforce bylaws against the insolvent landlords.
Maybe it’s just because it’s relatively fresh in my mind, but my favourite stories for SooToday this year would have to be the crumbling real estate empire linked to SID Developments.
The insolvent landlords — Dylan Suitor, Ryan Molony, former YTV child actor Robby Clark and his wife Aruba Butt — collectively owned more than 600 rental units across Ontario, including in Sudbury, Timmins, and Sault Ste. Marie.
I dug up some pretty crazy material in the court documents that followed: An investigation by KSV Restructuring Inc. conducted during CCAA proceedings found the landlords “diverted, misused or misappropriated funds” borrowed from lenders — with some of it covering a number of extravagant purchases such as private jets, luxury hotels and a $5,000 tab at a Miami strip club — while struggling to pay municipal taxes, utility bills and contractors.
The impacts of this were felt here in the Sault, where a number of rental units sat vacant, placing an even greater strain upon an already tight housing market.
Real Estate Insolvency Landlords SID Developments Ontario
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