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Learn more. Contact us. Our clients. Nonbank lenders like Stearns flourished in the post-crisis environment as traditional banks stepped back, but the often volatile market began to sour by New mortgages dipped that year and some private lenders were snapped up by larger companies.

'There's probably 10% who want money…'

Four years later, in July , Stearns Holdings filed for bankruptcy. Matt Anderson, senior vice president of external relations at Blackstone, told Forbes that the company could not comment on the value of the deal in or on the bankruptcy proceedings.


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The bulk of his fortune comes from the sale to Blackstone. Over the years, Stearns has invested in a number of other companies and assets, including a foot yacht, a 9.

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Stearns also owns four small companies based in Santa Ana that provide mortgages, appraisals, and verification services, as well as investments in the e-commerce website Indi. Next Tuesday, Stearns will be back on the Discovery Channel, striking deals and scrubbing toilets in his quest to build a million-dollar company from scratch.

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I'm a New York-based journalist and I cover wealth for Forbes.