Remy and Jean-Marc Jacobson said they wanted to revolutionize the real estate industry when they launched their crypto company, RealToken, in 2019. This July, they announced that they will be liquidating the company’s $140 million portfolio.
The company bought over 700 properties across the United States using limited liability companies and sold shares – or tokens – in those companies exclusively to foreign investors across the blockchain. Thousands of investors across the world now have their money stuck in these tokens with little to no recourse.
Issues with RealToken’s properties in Detroit – which makes up 75 percent of its U.S. portfolio – first came to light when the City of Detroit sued the company and the Jacobsons in July of 2025, alleging that they violated local housing regulations.
The city’s complaint included exhibits showing the dilapidated conditions of the homes – standing sewage in basements, black mold on walls, crumbling infrastructure – which it called harmful to the health and safety of the public.
Over the course of eight months, The Journal investigated how the company operated in Michigan and in its second largest market, Ohio, combing through public records and financial documents. We found that not only were hundreds of homes in disrepair, but that RealToken paid investors from properties that were vacant or that they did not even own, leading investors to ask: was this a scam or a venture gone wrong?
Chapters:
0:00 The rise of RealT
0:42 Inside RealT’s business model
8:34 The homes started falling apart
10:02 Detroit fights back
12:48 Who are the Jacobsons?
14:04 Following the money in Cleveland
19:57 The collapse
WSJ Originals features in-depth reporting, investigations and on-the-ground journalism that uncovers the forces shaping business, politics and the world around us.
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