Patrick Nelson is in hot water for, among other things, allegedly using his business’ money to pay for an upscale home in Utah.
Patrick Nelson's multimillion-dollar ranch in Daniel, Ut., on Feb. 16, 2024. Nelson, who manages 18 student housing properties, is struggling to pay back his partners. In his written statement, Nelson said his business would be thriving if not for the pandemic, which led to reduced occupancy at some buildings, and articles in the Times about investors suing his business and student residents’ complaints about the state of the properties. Nelson said he had never lost money for investors before the Times’ articles, which he said also “crushed the ability to get loans.
One of Nelson’s companies had bought Skyloft in 2019 for $124 million, of which $75 million came from small investors — mostly well-off retirees, lawyers, doctors and engineers — and the rest from a hedge fund and a big bank. When the pandemic moved classes online, Nelson said cash flow problems led him to halt monthly dividend payments to investors in Skyloft and other properties.
“He sounded very nice on the phone when he wanted our money,” said Sims, who lives with her husband in Chelan, Washington. “But what makes me so mad is he won’t accept any responsibility.”