As the Belfords home in Belfort, Tennessee, approaches its 10-year anniversary, its owner, Jordan Belfort has seen his brand of furniture disappear from the neighborhood.
Belfort and his wife, Brittany, started a business called Belfort Furniture in 2005, but their business, which specializes in refurbished furniture, fell apart when their son Jordan Belfent Jr. was born.
They eventually sold the business, but the Belforts have kept the house, where they now live with their four children, in the family.
“I know the house is in good shape,” Belfort said.
“But I don’t know how to sell it.”
The Belfarts’ family’s story of their business collapse is a tale of how the family has managed to survive a downturn in the furniture industry.
For years, Belfort was the only family in Belfinton, Tennessee.
His father owned the furniture shop that had a long-standing reputation for quality, but after he died, the business was sold to another family.
Belfonte, who is now 57 and has been working in the hospitality industry for 30 years, has said he never thought his family would be in a financial crisis.
But as he has grown older, he has seen the impact the recession has had on his family.
“We’re going through a tough time right now, but I’m not trying to look at that as a weakness,” he said.
Belfort said he decided to reopen his business after his son Jordan was born, when his wife and daughters were in college.
The couple’s oldest daughter, a senior at University of Tennessee in Knoxville, is now his oldest child, and he said he wants to see the family through to retirement.
The family’s finances have been a challenge, Belfont said, and they struggled to pay for renovations to their home in 2007, including an exterior renovation that cost $5,000.
When they decided to renovate the house in 2015, they had the home appraised at $25,000, which was just over $3,000 below the value of the home.
In April, the BelFastons learned that the appraised value of their house had risen to $29,500, which is over $4,000 above the assessed value of a similar home in the same neighborhood.
After an investigation by the National Association of Realtors, the NAR, and the Tennessee Department of Revenue, the house was sold in April 2019 to the Belflords, who bought it in November 2019.
Since then, the family’s home has seen a lot of improvements, including a new kitchen and a new bathroom, Belfair said.
However, renovations to the house were costly, costing $1,200.
As the Belfs’ business has shrunk, they have had to raise money to keep the house open.
They had been planning on opening a second Belfort house in Belcourt, but decided to sell the house and move to a new location in Nashville, Tennessee to try to avoid a financial hit.
At the time, Belfast was making $90,000 a year.
While the house’s appraised worth has increased, the cost of renovations has increased.
Because of the economic downturn, Belfaust said he’s been forced to make some hard decisions about how to spend the money.
He has also started a scholarship fund for Jordan, who has an engineering degree and a degree in architecture, and plans to help other students find scholarships.
On Tuesday, May 11, Belford hosted a fundraiser at his house for the Tennessee Promise Scholarship Foundation, which he said provides scholarships for students who have a parent or grandparent who has autism or learning disabilities.
“My kids are going to be able to go to school with a scholarship,” Belfart said.
He said Jordan and Brittany Belfort are helping him and his family keep the family afloat through the costs associated with maintaining the house.