San Francisco’s real estate drama just hit another level of wild, folks. John and Raelynn Hickey thought they could waltz into the Outer Sunset and drop a massive 50-story tower, but plot twist – they spectacularly failed.

Their real estate fever dream began in 2023 with an audacious plan to transform a sleepy beachside neighborhood into a towering metropolis. Spoiler alert: the neighbors were NOT having it. Thousands signed petitions, city officials rolled their eyes, and even fellow developers were like, “Nah, this is too extra”.

The Rise and Fall of a Development Disaster

What makes this story even juicier? John Hickey isn’t exactly a rookie to controversial development. Back in 2004, he was indicted for a Ponzi scheme that bilked over 700 investors out of roughly $20 million. Talk about a track record!

Bankruptcy: The Ultimate Mic Drop

After getting rejected not once, but twice by city planners, the Hickeys are now filing for bankruptcy. Their original 50-story tower plan? Reduced to a pathetic 22-story proposal that still got a hard pass from the city.

The Final Nail in the Coffin

With a bankruptcy filing ranging from $10 to $50 million, the Hickeys are now scrambling to figure out what to do with the property they bought for $8.5 million in 2020. Pro tip: maybe next time, actually listen to the neighborhood before dropping a skyscraper in a community that clearly doesn’t want it.

San Francisco continues to be the ultimate reality show of urban development, and we are HERE for the drama.