RealT RealTokens (per-property rental interests, in liquidation)
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: RealT Tokens Not approved
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- What the holder owns
A membership interest in the series that owns one property, represented by that property’s token; RealT sold the interest, not the deed, and its documents do not say whether the chain or RealT’s register governs.
“These Series Interests, which are securities under U.S. securities laws, will be represented by cryptographic digital tokens (RealToken), which are a new series of Ethereum blockchain-based smart contract digital tokens meeting the ERC-20 standard as modified to meet transfer restriction requirements under applicable U.S. securities laws.”
RealT Terms of Service, 11 October 2022 (PDF as archived 2025-05-14) · Section 1, Services; Securities Offerings · words found 2026-10-16
- Who may hold it
US accredited investors under Rule 506(c) and non-US persons under Regulation S when RealT was selling; today realt.co turns US visitors away and sells nothing.
“The Series RealTokens offered on the Sites have not been registered under the Securities Act of 1933, as amended (the Securities Act) in reliance on the exempted provisions of Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder, and/or Regulation S.”
RealT Terms of Service, 11 October 2022 (PDF as archived 2025-05-14) · Section 1, Services; Securities Offerings · words found 2026-10-16
- First purchase minimum
One token, $50 to $150 when RealT was selling.
“A single token for RealT properties costs between $50 – $150 per token, which are the lowest investment minimums the real estate industry is able to offer.”
RealT FAQ (as archived 2021-02-24) · What are the benefits of tokenized real estate? · words found 2026-10-16
- Account types
A person or the business they register for, after identity and qualification checks by RealT.
“The right to use the Sites and the Services is personal to you as the user or to the business you are registering for and is not transferable to any other person.”
RealT Terms of Service, 11 October 2022 (PDF as archived 2025-05-14) · Section 4, Registration Data; Account Security · words found 2026-10-16
- Who it may be transferred to
Only between wallets RealT has registered; the token’s transfer rules enforce it, and the 2021 FAQ named Uniswap, Swapcat, AirSwap, and RealT itself as ways to sell.
“Yes, you can sell your tokens in four different ways: Uniswap ( view all RealToken pools ) Swapcat AirSwap To the RealT website”
RealT FAQ (as archived 2021-02-24) · Can I sell my tokens? · words found 2026-10-16
- How a holder redeems
No right to redeem; the terms promise no secondary market, and RealT’s own buyback has ended with the liquidation.
“There can be no assurance that RealToken’s business objectives will be achieved or that a secondary market will ever develop for the Interests, whether via the RealToken Website, via third party registered broker-dealers or otherwise.”
RealT Terms of Service, 11 October 2022 (PDF as archived 2025-05-14) · Section 1, Services; Securities Offerings · words found 2026-10-16
- Who keeps the official record
Not stated: the terms say that the token represents the interest and that RealT decides who may participate. They do not say which record governs a dispute.
Not stated in RealT Terms of Service, 11 October 2022 (PDF as archived 2025-05-14), RealT FAQ (as archived 2021-02-24), realt.co home page (US visitor).
- What the issuer says it can freeze or take back
Not stated in the terms; the chain shows a user-validity rule, a freeze rule, and a seize power on every sampled token, and RealT has used seize. No explorer has verified the code of Rule 11, so we could not tell whether anything can pause every transfer at once.
Not stated in RealT Terms of Service, 11 October 2022 (PDF as archived 2025-05-14), RealT FAQ (as archived 2021-02-24), realt.co home page (US visitor).
| Fact | Answer |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | cash |
| SIPC coverage of the wallet | No |
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| Token | Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|---|
| REALTOKEN-S-15777-ARDMORE-ST-DETROIT-MI | Gnosis | Yes | Unverified | Yes | Yes | Yes | A single key can claw back tokens. A single key can change the code with no delay. |
Who holds the keys
Ketju read every current holder of each power from the chain on 2026-09-26. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| Token | Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|---|
| REALTOKEN-S-15777-ARDMORE-ST-DETROIT-MI | Gnosis | Owner | grant and revoke these powers, change the code | a single key | 0x52d7…3669 |
| REALTOKEN-S-15777-ARDMORE-ST-DETROIT-MI | Gnosis | Processor owner | claw back tokens, decide who may hold, grant and revoke these powers | a single key | 0x13ab…dfb7 |
| REALTOKEN-S-15777-ARDMORE-ST-DETROIT-MI | Gnosis | Processor().ruleEngine owner | grant and revoke these powers | a single key | 0x13ab…dfb7 |
Gnosis REALTOKEN-S-15777-ARDMORE-ST-DETROIT-MI: 18 contract reads, 0 functions in verified source, 2026-09-26
- name=RealToken S 15777 Ardmore St Detroit MI
- rules=[11,1] params=[100038,0]
- processor=0x3221a28ed2b2e955da64d1d299956f277562c95c
- ruleEngine=0x8f2f90ac35edf2da147dd745f5f6c64bc54f2299
- rule(1)=0x266d5d1c64c5566f3067694c62b4684881ba03aa
- rule(11)=0xff9ce4516ce9d9e76897f216ddac93c029b0ff28
- trustedIntermediaries=[0x296033cb983747b68911244ec1a3f01d7708851b]
- getThreshold=1 getOwners=5
- owner=0x52d782d2fb1b06e272c8b85ae9d87c6a22043669
- owner=0x13abf9c02c150d7d4bfc65939b4fab216babdfb7
- zos.proxy.admin=0x190686de2615dc4120f2f21580048cfe2cd97381
- SeizerAdded(0x5fc96c182bb7e0413c08e8e03e9d7efc6cf0b099)
- SeizerAdded(0xa28e8d538af2aa5e7dc224b7cd6ae4d66943c53a)
- SupplierAdded(0x5fc96c182bb7e0413c08e8e03e9d7efc6cf0b099)
- AdministratorAdded(0x5fc96c182bb7e0413c08e8e03e9d7efc6cf0b099)
- Seize(0x440bdbff7dd5e41da47ea49d9edcb8cff0bb9567,2)
- Seize(0x64210d8b400d7d8a5489ff8ef1af402ef40986b2,1)
- Seize(0x25d38e194822156582d20592781968521f4241fc,20)
Where it trades
| Venue | Kind |
|---|---|
| YAM, RealT’s peer-to-peer order book on Gnosis (yam.realtoken.network); buyers must pass the same registry as primary buyers | dex |
| RMM, RealT’s Aave-fork lending market on Gnosis (rmm.realtoken.network), where holders post tokens as collateral | dex |
Redemption
| Route | Settlement | Settles in |
|---|---|---|
| No redemption stated | No redemption. RealT once bought tokens back through its site (“Sell Tokens”) and paid 98% of net rent weekly in stablecoins to whichever wallet held the token. Since 2026-07-02 the program is in voluntary liquidation, and weekly distributions are suspended. A court-appointed special fiduciary (Charles Bullock, appointed April 2026 over about 700 Detroit properties) sells the portfolio. Sale proceeds go first to the fiduciary’s costs, repairs, back taxes, and legal obligations. No document states what a token holder will receive, or when. | USDC, xDAI |
- RealT, the special fiduciary, or a court publishes the distribution plan for token holders: what a token receives from property sales, whether tokens are seized, burned, or bought back, and when
- A Seize event on any RealToken contract after 2026-09-26 (Ketju checks the three sampled contracts; the seizer role belongs to RealT’s key 0x5fc9… and to contract 0xa28e…), or a change of the rule engine, processor, or compliance Safe owners
- The proxy admin key 0x1906… upgrades the token implementation, or the processor owner 0x13ab… changes the rule engine
- realt.co lifts the US block, publishes a new offering, or files a new Form D or a Regulation A offering statement on EDGAR
- The Wayne County settlement is amended, the fiduciary’s term ends, or RealToken Inc. or a series files a bankruptcy petition
- The French criminal complaint or the Detroit suit produces an order that names token holders’ rights
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote, since a fund of this kind accrues a few basis points a day. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.
| Date | Change |
|---|---|
| 2026-09-26 | Filed. |
Sources
- RealT Terms of Service, 11 October 2022 (PDF as archived 2025-05-14) · primary · accessed 2026-09-26
Supports: series LLC membership interests, ERC-20 modified for transfer restrictions, Rule 506 and Regulation S, RealToken decides participation, no assurance of a secondary market, account personal to the user or business, RealToken Inc. not a broker-dealer - RealT FAQ (as archived 2021-02-24) · primary · accessed 2026-09-26
Supports: digital representation of ownership in the LLC that owns the deed, accredited US investors only, Regulation D and Regulation S, ID verification then purchase agreement, $50 to $150 per token, rent paid weekly in stablecoins to the holding wallet, Uniswap, Swapcat, AirSwap, RealT buyback - realt.co home page (US visitor) · primary · accessed 2026-09-26
Supports: not open to US citizens or residents, RealToken Inc., Boca Raton, redeem through RealT or a secondary market - SEC EDGAR: Form D, RealToken 11310 Abington Ave., Inc (CIK 1944586), filed 2022-09-08 · primary · accessed 2026-09-26
Supports: Rule 506(c), Florida corporation formed 2022, $6,110 offered, $2,170 sold to 5 investors, $47 minimum, REITs and Finance - SEC EDGAR full-text search: Form D filings naming RealToken · primary · accessed 2026-09-26
Supports: 17 Form D filings by per-property RealToken corporations, June to September 2022 - RealT community token API (api.realtoken.community) · primary · accessed 2026-09-26
Supports: 829 tokens listed, 792 with a Gnosis contract, 794 rental property tokens, 22 factoring, 12 loan income, 1 equity, token names and prices - YAM order book · primary · accessed 2026-09-26
Supports: peer-to-peer venue live - RMM lending market · primary · accessed 2026-09-26
Supports: lending market live - Crypto Briefing: crypto real estate empire collapses as $140 million tokenized property venture enters liquidation · secondary · accessed 2026-09-26
Supports: voluntary liquidation announced 2026-07-02 by co-founder Jean-Marc Jacobson, fiduciary Charles Bullock, about 700 properties, escrow about $640,000, 14,000 to 22,000 investors, $140 million raised - Lofty: the RealT liquidation explained · secondary · accessed 2026-09-26
Supports: weekly distributions suspended, progressive sale of the entire portfolio, proceeds go first to fiduciary costs, repairs, back taxes, legal obligations, fiduciary control to at least end of October 2026, settlement 2026-04-22 - Outlier Media: RealT’s Detroit landlord and property-management failures · secondary · accessed 2026-08-17
Supports: Detroit nuisance-abatement suit, special fiduciary powers: repairs, sales, demolition, evictions