Neil Shekhter obituary, death, Controversial Santa Monica Developer, Dies at 62: A Legacy of Complexity
Neil Shekhter, a prominent real estate developer in Santa Monica, California, passed away on November 23, 2024, at the age of 62. Shekhter’s life was marked by significant accomplishments and controversies, leaving behind a legacy that is both impressive and complex.
Born in the former Soviet Union, Shekhter immigrated to the United States and established himself as a formidable force in real estate development. In 1988, he founded NMS Properties, which grew into a major player in Southern California’s real estate scene, particularly in Santa Monica.
Shekhter was known for his aggressive development tactics, building an expansive portfolio of multifamily assets. At the peak of his career, his real estate holdings in Santa Monica were valued at over $18 million per acre, making him one of the city’s largest developers.
However, Shekhter’s legacy was marred by controversy and legal battles. His companies faced numerous accusations over the years, including illegal evictions, substandard construction practices, and violations of rental laws. These challenges often put him at odds with the city and local residents, leading to a fraught relationship with Santa Monica’s government.
Despite these hurdles, Shekhter was able to capitalize on the city’s failure to adopt zoning regulations that met state standards, allowing developers like him to bypass local rules and push forward large-scale projects.
One of Shekhter’s most contentious moves came in 2016, when a judge ruled that he had forged contracts and destroyed evidence in a lawsuit regarding a buyout of several properties. This decision ultimately resulted in the loss of control over some of his most valuable holdings.
In recent years, Shekhter faced significant financial setbacks, including the loss of several properties to foreclosure and the relinquishment of half of his total holdings to various investors to avoid further foreclosure and mitigate nearly a billion dollars in debt.
Despite these challenges, Shekhter’s impact on Santa Monica’s real estate market remains undeniable. His development projects reshaped the city’s skyline, and his entrepreneurial spirit left a lasting mark on the industry.
However, his legacy will forever be tied to the legal disputes and financial turmoil that marked the later years of his career. Shekhter’s death has prompted reflections on the pressures faced by high-profile developers, and many in the Santa Monica community are left grappling with the complex and often controversial aspects of his legacy.”
