Real estate developer Stéphan Huot, struggling with major financial difficulties, has just had two lots seized in Lac-Beauport by his ex-wife, who is claiming more than $2.3 million from him.
Stéphan Huot was married in June 2008 to a businesswoman from Quebec, from whom he officially divorced in July 2021. The ex-wife now estimates that the owner of Groupe Huot owes him $2.3 million. , under the agreements provided for in the divorce judgment, can we read in public documents.
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The creditor therefore requested and obtained last week the seizure by bailiff of two of its lands in Lac-Beauport. It also issued a notice of registration of a legal hypothec on these lots, whose overall municipal assessment is some $1.25 million. However, these lands are heavily mortgaged, our Bureau of Investigation has noted.
Two blocks of twelve dwellings
Note that the terms of the divorce provided for Stéphan Huot to build for his ex-wife “two apartment blocks of twelve turnkey apartments”, in Beauport, in the suburbs of Quebec, which were to be delivered in July 2022.
The construction of these buildings was to be carried out by the promoter or his company Millenum, a subsidiary of the Huot Group whose construction sites were put on hold in the wake of the financial difficulties experienced by the real estate giant. The wife was then to buy these buildings, according to the fair market value which would have been established.
Stéphan Huot also had to pay his ex-wife “a lump sum of food” of $125,000 during the divorce, in addition to $62,500 for 2022, during the construction of the buildings. If the apartment blocks were not ready in July 2022, the husband had to pay additional support.
Neither Stéphan Huot nor his ex-wife wished to comment on the situation, let their representatives know.
Debacle of the Huot Group
A major player in real estate in Quebec, the Huot Group has been experiencing major financial problems since mid-February, which would be attributable to inflation and rising interest rates.
Since then, construction sites have been suspended, workers have been laid off and companies from the Huot Group – the event portion of the Capitale Hélicoptère complex, the restaurant-bar Le Commandant as well as Go Hélico – have closed their doors. The Transrapide distribution center, also owned by Stéphan Huot, has placed itself under the protection of the Creditors Arrangement Act.
As of mid-April, no less than 334 legal hypothecs totaling $108.5 million had been registered on buildings of the Huot Group and its subsidiaries, according to data from the firm Terram Technologies. Nearly a hundred millionaires from Quebec and Montreal, who would have let themselves be seduced by the miraculous returns, also injected colossal sums into the company.
Faced with the situation, a group of private lenders created the “rescue fund” in an attempt to save their money and pay the suppliers. They invested an additional $13 million – out of an emergency fund of $50 million – so that the Huot Group would avoid bankruptcy.
Very discreet in the public sphere since the beginning of his debacle, Stéphan Huot has put up for sale his luxurious mansion in Quebec City for nearly $3.7 million as well as his majestic penthouse in Miami, Florida, for $6.9 million US. , or some C$9.34 million.
