On 2 July 2026, RealT, the biggest name in tokenised real estate, announced voluntary liquidation.
According to public reports:
- It raised about $140 million by selling tokens linked to rented homes
- About 83% of its homes were in one city, Detroit
- The City of Detroit sued in July 2025 over code violations and unpaid taxes
- In April 2026 a court approved special fiduciary took control of roughly 700 properties
- Payouts to token holders were suspended, and the homes are being sold
- An escrow of about $640,000 was reported to cover the wind down, against $140 million raised
- Around 14,000 holders in France alone were affected
Each RealT token stood for a share in a company that held a house. When the houses ran into trouble, so did the tokens.
What Went Wrong
The blockchain worked. The tokens moved as designed.
The property did not. Hundreds of old homes in one city need constant repairs, taxes paid and tenants looked after. When that work falls behind, no smart contract can catch it up. And because most of the homes sat in one city, one lawsuit reached almost the whole portfolio.
Four Lessons for Anyone Buying a Property Token
Running property is the hard part. The token is the easy bit. Ask who runs the buildings and what their record is.
One city is one risk. If most of the property sits in one place, one council, one court case or one bad year can hit all of it.
Know what your token is. A share in a company that owns a house is only as safe as that company. Ask what happens to holders if it winds down.
Check the reserves. Ask how much money is set aside for repairs, tax and legal costs, and where you can see it.
Where BlockHaus Stands
BlockHaus is a UK property company. We sell BLK, our utility token on Polygon, to fund buying and refurbishing property, starting in the UK, including London, and in Dubai. I have spent 35 years in property, and running buildings is the part of this I know best.
BLK is a different thing from a RealT token. It is not a share in any company or building. It pays no rent, no dividends and no returns, so there is no payout to suspend. That also means BLK gives you no claim on the property. The company owns it, and any profit stays in the company to buy more property and run the business.
BlockHaus has not bought its first property yet. No property appears on this site until it can be shown with its documents. Judge us on what we publish when we do.
What you can check today:
The contracts. Both are verified on Polygonscan, so anyone can read the code. They have not been audited by any independent firm.
The owner key. One Ledger hardware wallet, held by me. It cannot mint or take back BLK you have bought. Everything it can do is listed on the trust page.
The allocation. 70% Investment Reserve, 10% Liquidity Reserve, 8% Team and Founders, 7% Reserved Pool (staking under review), 5% Community Incentives.
The risks. BLK is not listed on any exchange and no listing date is fixed. It has no guaranteed value. You can lose everything you pay.
The minimum purchase is $20. Keep what you put in small, and only use money you can afford to lose.
For more on how property tokens are usually built, read what tokenised real estate actually means.
Not available to residents of the United States, the United Kingdom, the United Arab Emirates, or countries under UK sanctions. This is not financial advice. Do your own research.
