Jim Clark is finding real estate a tougher game than the new new things he started at Silicon Graphics, Netscape and Healtheon. The New York Times reports that five years into a Miami real estate venture, Clark and partner Tom Jermoluk might not be able to repay a $110 million construction loan.
The pair also face a potential lawsuit from residents upset at never getting the spa, restaurant and lounge Clark and Jermoluk promised for the building. "When we closed on the unit and walked through the lobby, we were like 'O.K., this looks kind of bland,'" one resident told the Times. "There's nothing for me to do but try and sell it." The buyer might have tried checking out the pair's full business records — something even the Times didn't bother to do. While he made a mint with Netscape, Clark's Healtheon struggled before merging with rival WebMD. SGI is on life support, a shadow of its former self. And Jermoluk is best known among Valley insiders for steering Excite@Home towards bankruptcy amid persistent rumors of a nose-candy problem.