RealT sold crypto tokens representing fractional interests in rental properties, promising holders a share of rental income and potential gains if property values rose. But reporting on some of its Detroit homes described serious maintenance problems, and the city sued the company and its founders over alleged nuisance and regulatory violations. Those accounts raise a sharp question for a construction-minded reader: how does a digitally managed property portfolio keep buildings safe, habitable and maintained on the ground?
How RealT turned rental properties into crypto tokens
RealT, also known as Real Token, was founded by Canadian brothers Rémy and Jean-Marc Jacobson. Its model represented rental properties through crypto tokens sold as fractional interests. Token holders were promised a share of rental income and possible gains if a property’s value increased. That structure made property investment accessible in smaller pieces, but it did not remove the practical work of owning buildings: maintenance, repairs, inspections and property management still had to happen at each address.
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WIRED reported in March 2026 that RealT had roughly 500 buildings in Detroit and about 200 more in other cities across the Americas, with a combined portfolio value of roughly $150 million. These are reported estimates from that time, not an audited current inventory. The scale is useful context, but it does not show the condition of every property or establish that every building had problems.
What tenants and reporting described at some Detroit properties
WIRED reported tenant complaints and observed problems at individual properties, including water in basements, missing smoke detectors, damaged roofs and windows, fire damage and vacant buildings. These reports concern particular homes; they should not be generalized to the entire portfolio.
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For a building, these are not merely cosmetic concerns. Water intrusion can signal a need to investigate drainage, foundations or plumbing; roof and window damage can expose interiors to further weather damage; and missing smoke detectors are a life-safety concern. The reporting identifies conditions and complaints at some locations, but does not establish the causes, repair histories or present condition of every property.
What Detroit alleged—and what the court did
In 2025, Detroit sued Real Token, the Jacobsons and affiliated companies, alleging nuisance and regulatory violations involving hundreds of properties. The city described its lawsuit as covering more than 400 properties. That figure is the city’s characterization of the case, not a finding after trial. Detroit Corporation Counsel Conrad Mallett said of the city’s property inspections, “It turns out, there were thousands.”
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The city announced court restrictions on rent collection tied to compliance. Those restrictions are procedural actions; they are not a final judgment that the defendants are liable for every alleged violation. WIRED reported a May 2026 trial date, but the available coverage does not establish whether the trial occurred or what the case’s later status became.
How the Jacobsons answered the criticism
The brothers said they were committed to fixing issues and attributed problems to third-party real estate professionals and property managers. Rémy Jacobson said, “We are committed to addressing every issue.” That explanation conflicts with Detroit’s theory, reported by WIRED, that neglect was systemic. The competing accounts should remain distinct: tenant reports and observed conditions are not themselves a court ruling, while the company’s commitment does not establish that every reported problem was repaired.
Liquidation announcement: a plan, not a completed sale
Outlier Media reported on July 16, 2026, that Jean-Marc Jacobson announced voluntary liquidation and a plan to sell every asset. The report said RealT planned to sell more than 700 Detroit properties, while details of the proposed liquidation remained unclear. An announcement of intent is not evidence that all properties were sold or that any particular sale closed.
That uncertainty matters to tenants and property stakeholders because a change in ownership does not by itself resolve outstanding repairs or compliance questions. The available reporting does not establish the terms, timetable or completion of the proposed liquidation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the RealT story shows about property operations
Tokenization can change how investors hold an economic interest in real estate; it cannot substitute for accountable building operations. A portfolio spread across hundreds of addresses depends on clear responsibility for inspections, maintenance requests, emergency repairs and follow-up. In this case, reporting describes a gap between an investment proposition built around fractional access and complaints about conditions at some homes, followed by a city lawsuit and a company response that points to outside managers.
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The evidence supports a bounded conclusion, not a blanket verdict: some Detroit properties drew serious tenant complaints and were described as having significant defects; the city brought a broad nuisance and regulatory case; the Jacobsons disputed the implication of systemic neglect and said they would address problems; and a later liquidation plan was reported without clear terms or confirmed completion. The condition of each property and the ultimate legal outcome require property-specific and current records.
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