Neil Shekhter Los Angeles CA Death, Obituary – Neil Shekhter, one of the most influential yet contentious real estate developers in Santa Monica’s history, passed away on November 23, 2024, at the age of 62. His family issued a statement remembering him as a man who filled their lives “with love, humor, curiosity, and boundless energy.” While the cause of his death has not yet been publicly confirmed, a representative from the Los Angeles County Medical Examiner’s office noted that there was no official record of his passing at the time of reporting, and further details were awaited.
Shekhter’s journey was nothing short of remarkable. Born in the former Soviet Union, he emigrated to the United States and carved out a successful career in real estate development. In 1988, he founded NMS Properties, a company that would grow to become a major force in the Southern California real estate market, particularly in Santa Monica. Under his leadership, NMS Properties specialized in multifamily residential developments, with Shekhter building a substantial portfolio. At the height of his career, his properties in Santa Monica were valued at over $18 million per acre, making him one of the city’s largest and most influential developers.
Despite his success, Shekhter’s legacy was tainted by controversy and legal troubles. Over the years, his companies faced a number of accusations, including illegal evictions, substandard construction practices, and violations of rental laws. These issues led to frequent conflicts with the city government and local residents, causing a tense relationship between Shekhter and Santa Monica. Moreover, Shekhter was often able to take advantage of the city’s failure to adopt zoning regulations that met state standards, allowing him and other developers to bypass local rules in order to push forward large-scale projects.
One of Shekhter’s most high-profile legal battles occurred in 2016 when a judge ruled that he had forged contracts and destroyed evidence during a lawsuit related to a buyout of several properties. As a result of this ruling, Shekhter lost control over some of his most valuable assets. The properties, which had been part of a joint venture with AEW and NMS Capital Partners, were eventually sold for around $430 million to SPI Holdings.
In the following years, Shekhter faced increasing financial difficulties. The Real Deal reported that he lost ownership of several properties, including 1007 Lincoln Boulevard, 1038 10th Street, and 1516 Stanford Street, to the Bank of Southern California after failing to repay a $16.2 million loan. In total, Shekhter was forced to relinquish around half of his holdings, including approximately 1,000 housing units, to investors in order to avoid foreclosure and to address nearly a billion dollars in debt.
Despite the controversies and financial setbacks, Shekhter’s impact on Santa Monica’s real estate landscape cannot be overstated. His development projects reshaped the city’s skyline, and his entrepreneurial drive left a lasting imprint on the industry. Yet, his legacy will inevitably be linked to the legal disputes and financial challenges that characterized the later years of his career.
