DallasDirt » Blog Archive » What Do Eleanor and Nicky Sheets Know That You Don’t?

What Do Eleanor and Nicky Sheets Know That You Don’t?

Posted on August 5th, 2008 4:51pm by Candy Evans
Filed under Changing market trends in Real Estate, Real Estate, Realtor's Fees and Commissions, credit crunch, gossip

This.

43 Comments to “What Do Eleanor and Nicky Sheets Know That You Don’t?”

Comi$$ion Con$ciou$ @ August 5th, 2008 at 5:17 pm

After having read the story (and comments) on Frontburner and DallasDirt, having skimmed over that 47-page document from the Feds, and now seeing that flyer…this story is beginning to make as much sense to me as a quantum physics (intro; not the advanced stuff) class which was being translated in Hebrew. I hope that that commission advance place got their money…unlike the IRS and the looooo-ong list of owed vendors which reads like my “To Do” list (it’s been a busy summer). Oy vey!
Mathew Schell @ August 5th, 2008 at 10:20 pm

Nicky has many secrets. He has ruined many people’s lives. There is a story that no one knows about the Dirty Sheets.
If this story was ever made public it would rock Highland Park and University Park. It is a story that has remained quiet for over a decade. Nicky knows that there is a wrong that he created that he never made right. This is just the beginning of his hell until he makes things right. Unfortunately he’s going to pull Eleanor down with him.
She should have gotten rid of him years ago. Now, it’s too late.
Jeff Duffey @ August 5th, 2008 at 10:40 pm

Candy, you are SO not going to be invited to the Sheet’s Christmas party this year.
LP @ August 5th, 2008 at 10:46 pm

Mathew - that ’secret’ isn’t all that secret in the real estate community. We snoop for a living.
Jeff Duffey @ August 5th, 2008 at 10:57 pm

I meant Sheets’. Or is it Sheetses? I work in the same office as Nicky and Eleanor and have known them, their agents and their staff for over 5 years. I don’t know anything about their finances so I’m not commenting on the amount they allegedly owe the IRS, but if you did some digging, I will bet oodles of cash that you will find MANY agents in this market who owe enough money to Uncle Sam in back taxes that would equal a 20% down payment on a home on Beverly Dr. (A tear down on one of the good blocks or a nice home in West HP)

Agents who are successful on a national scale like Eleanor and Nicky make for easy targets and endure criticism regularly. The one thing you can’t fault them on is their level of production. Selling $185 million+ worth of real estate in 1 year is mind boggling to say the least. That feat alone deserves respect independent of how they may or may not handle their personal finances.
Jeff Duffey @ August 5th, 2008 at 10:58 pm

LP? Could it be? Is that you?
Candy Evans @ August 6th, 2008 at 12:06 am

Thank you, Jeff, for reminding us we are all human even though I will be sitting at home (with my Creamware) come the holidays! I love you!
texas @ August 6th, 2008 at 1:14 am

Jeff, you are correct. MANY agents have IRS issues, however, they do not allow it to get this far down the road.

Selling $185 million+ worth of real estate ONLY deserves respect if you don’t sell your soul and you do the right thing. When greed sets in you lose respect. If you screw the IRS and vendors you will screw anybody that gets in your way of the almighty dollar.
BetweenTheIRS&TheSheets' @ August 6th, 2008 at 2:15 am

In Court: Innocent Until Proven Guilty
In The Court of Public Opinion: Anything goes

Yes, $185,000,000 in sales of real estate is a large, and impressive number. Acknowledgement. Bravo. Congrats.

$2,000,000 + in alleged backed taxes, penalties, and interest is also a large number. The Legal System will leave it to the Sheets’ and their legal team as well as opposing counsel to sort out the details (no one is proclaimed innocent after they are hauled into court).

Yeah, a lot of people (independent contractors, such as real estate agents, for instance) underpay their taxes: sometimes by accident, sometimes on purpose. Exaggerate a deduction here, write off that little ski trip where you had drinks with potential business partners…who just happen to be your frat brothers / sorority sisters…hmmm. Oh well, what’s the worst that can happen? You get caught. What it comes down to is that not everyone gets investigated: because it is impossible, and if you color between the lines (so to speak), and take questionable, but totally legal, legitimate-ish deductions, or have an accountant who has an interesting, but acceptable, formula for calculating your income, then you don’t set off any alarms when you send in your taxes.

You’ve gotta wonder, why would the feds file a suit if they didn’t have a good case. Wild speculation would suggest that something in the happy, highlighted couple’s financial filings raised more than a few eyebrows over at the IRS. It got their attention, and the most feared accounting agency in the nation’s reaction is getting media attention.

Something is going on, and the government is the scariest entity to owe money to.
Grumpy @ August 6th, 2008 at 8:12 am

Matthew: OK…I give in. Spill please. Your post sounds ominous to the point that I now wonder whether the “secret” is that N.S. is a plastic surgery enhanced 90 year old former prison operative from the Rhineland.
orange u on vacation @ August 6th, 2008 at 8:56 am

Jeff: I love the “everyone does it, so they can too” justification for the Sheets’ actions. If you read the filing, what they have been up to – and apparently made a long history of doing – is a lot more than trying to sneak in a couple of iffy deductions.

And funny thing, I know many agents who “are successful on a national scale” and aren’t ever targets or criticized. Some of them are actually good business people who are respected in the community, pay their bill and their taxes.

And this really isn’t about their “personal finances”, it’s about how they run their business and their business finances. Maybe karma has finally caught up with them- they can screw over small vendors who don’t have the $$$ to go after them, but when they screwed the biggest vendor of them all, they messed up big time.

I find it hard to believe that many clients will want to do business with them in the future, and as a result be painted with the same brush stroke, birds of a feather and all. Already, the owners of the Hunt mansion, the Amends, are being mentioned in the same paragraph as “Eleanor Mowery Sheets & Associates, currently being sued by the federal government”. That’s probably some PR they would like to avoid.
L @ August 6th, 2008 at 9:12 am

I don’t take joy in other’s misery - but this couple really has it coming. What goes around comes around and they’re going to land in the slammer where Nicky Sheets belongs. Rhymes with isn’t-he-vile.
Am I right Mathew?
Jeff Duffey @ August 6th, 2008 at 11:20 am

Orange: I’m not justifying anyone’s actions or saying it’s ok to skimp on your taxes. Michael Jackson and Ed McMahon are being threatened with foreclosures on their homes as we speak. Donald Trump, McHammer and a SLEW of professional athletes have gone bankrupt. They are terrible with their finances. But does that mean they are terrible at what they do? No. The two are independent of each other is all I’m saying.
take it to the bank @ August 6th, 2008 at 11:53 am

Read the filing; they’re done. These issues have been litigated in Bankruptcy Court, Tax Court, and District Court. All issues are now res juricada, which means they are final and cannot be litigated again. The government now has filed to force the action to foreclose on the primary residence in order to pay off the tax liabilities. The mistake these people made is they should have cooperated with the government years ago, when the government would have been willing to make a reasonable settlement. Instead they decided to litigate, declare several bankruptcies in order to discharge liability for taxes owed, and try to set up sham trusts where they fraudulently conveyed the primary asset (residence) to the trust.All I can say is I hope the attorney that advised them on this got a release, because I see them turning around and settling with the government and assigning their right to recover against their attorneys for malfeasant advice and malpractice. But that won’t happen; they’re not with a big firm with big assets and insurance, so they’re on their own. It looks like this ruse has been going on for years. Very sad given the income these people have been making for awhile, which certainly appears to be more than $1 million a year; really, you should be able to live on that pretty well; why do you have to cheat the government and people you do business with?
Anne @ August 6th, 2008 at 1:11 pm

Take it to the bank: “really, you should be able to live on that pretty well; why do you have to cheat the government and people you do business with?”

Greed. Which never ends well.
J Roose @ August 6th, 2008 at 1:19 pm

It doesn’t take much savvy to search Dallas public records for Nicky’s prior bad acts and LP is correct
Mathew Schell @ August 6th, 2008 at 1:22 pm

I don’t have any intention of ruining Nicky’s life by revealing his “secrets”. All I will say is, do the right thing Nicky and Eleanor and write your wrongs from 9 years ago. Once you do, then you’ll qualify as moral human beings again. If you chose not to then nothing will ever be good in your lifes again. The law of Karma is obviously at work here. It will only get worse as times go on. And everyone that played a part in your scandal will be revealed. The press is getting close. Time is running out. Nicky cannot continue lying to Eleanor and Ms Sheets cannot continue to be so naive. This could really domino, whoever is advising you doesn’t know the full story.
LM @ August 6th, 2008 at 1:55 pm

“Eleanor is in the process of having her license renewed — she just had such a busy spring she didn’t get around to getting a more “elaborate proof of personal identification than in years past” — a new TREC requirement since January 1, 2008. (A call to the TREC just confirmed that “more elaborate proof” has not yet been processed.)”

Does this have anything to do with NS’s secrets?
Mathew Schell @ August 6th, 2008 at 3:26 pm

LM: If Nicky’s secrets ever went public, he would no longer have a license. Eleanor’s problem is she is in denial of what a sick individual she’s married to.
Mathew Schell @ August 6th, 2008 at 3:30 pm

J Roose: Rich people’s information is often not fully disclosed to the public. Judge’s receive campaign contributions and things just disappear.
LP @ August 6th, 2008 at 4:03 pm

I don’t think this is disappearing any time soon. In fact, I see a big D Magazine feature in this tangled web of deception. I don’t think Eleanor is that naive and I don’t think she could be that stupid. His sins make tax evasion look like a little white lie. If and when they become public, he’ll leave town.
Interesting @ August 6th, 2008 at 4:56 pm

Just curious if this “secret” has anything to do with his arrest in Sept 2000?
amanda @ August 6th, 2008 at 5:02 pm

See, y’all this is where we all got moderated last time…
Low-Life Voyeur @ August 6th, 2008 at 5:49 pm

Tick…Tock…
Mathew Schell @ August 7th, 2008 at 6:03 am

It appears that Nicky and Eleanor have lost the Mount Vernon estate listing. I wonder how many more will follow?
LM @ August 7th, 2008 at 9:07 am

Why was he arrested in Sept. 2000? Is this a public record?
Laura Miller @ August 7th, 2008 at 9:36 am

LM-Yes it is public record.
Interesting @ August 7th, 2008 at 9:38 am

Supposedly, when renewal is done with the new fingerprinting requirements TREC automatically runs a back ground check.

The arrest and conviction was classified as a Class B misdemeanor. Apparently, that’s okay with TREC?!?

Yes, it’s public record. Go to Dallas County website.
Laura Miller @ August 7th, 2008 at 9:55 am

maybe candy can answer that question above.
Interesting @ August 7th, 2008 at 10:06 am

Could it fall under the classification of “moral turpitude”?
Laura Miller @ August 7th, 2008 at 10:20 am

Yes, it would be a moral turpitude issue.
Jeff Duffey @ August 7th, 2008 at 3:02 pm

Mathew, you’re coming across as a scorned lover. If you truly have no intention of ruining the Sheets’ lives then why the overly dramatic and ambiguous posts?

If you have been hurt so bad by the Sheets’ to the point they should go to jail for what they did to you (or others), then it’s your job to speak up and tell the authorities. All your doing is posting vague and baseless statements.
Mathew Schell @ August 7th, 2008 at 3:59 pm

Jeff Duffey: Your comming accross as a bought and paid for queen. Hope your checks from EMS are clearing.
Nothing baseless about what I am saying. Check the criminal records on John Sheets with the Dallas Police department.
Please don’t get in the middle of something you know nothing about. Why don’t you just go back to being elenor’s and nicky’s *****.
Grumpy @ August 7th, 2008 at 5:14 pm

Mathew: Jeez. As I said earlier your postings have an ominous tone like nothing I’ve encountered on this site. OK…I can see by checking public records that N.S. has been arrested for solicitation of prositution, a class B misdemeanor. Not saying that doesn’t make him a grease ball, but some might argue that the world’s oldest profession is a vicimless crime, and it certainly does not jibe with your assertions. To take directly from your earlier post: “This is just the beginning of his hell until he makes things right.” “If this story was ever made public it would rock Highland Park and University Park.” “He has ruined many people’s lives.” Those are your words, and very serious they are. If ALL he is guilty of is solicitation, then you might want to tone it down…by an order of magnitude. If you have facts beyond this, and they are facts, then why are you reticent to post the truth? There is nothing libelous in posting the truth, and I assume this site ensures some anonymity. Otherwise, please take your scary EMS/Nicky-meets Blair Witch Project somewhere else. Kindly spill it, or stop the histrionics. Really.
L @ August 7th, 2008 at 6:30 pm

Grumpy -
Mathew knows more as do others. Sheets’ crimes go beyond solicitation of a professional adult. I don’t have time to be involved in a lawsuit - and I’m not one of his victims, so I’ll leave it to them to get it to surface. Sheets will be run out of town on a rail when it does. And I don’t think jail will offer his kind a safe haven.
Jeff Duffey @ August 8th, 2008 at 3:05 pm

Mathew: I’m afraid you’re 15 minutes of fame are up. I don’t need to stoop down to your level and call you names (”bought and paid for queen”, really?). Nor do I need to defend my posts to someone like you. You have given all of us a clear picture of the type of person you are and what your intentions are. You keep pointing all of us to the criminal records which leave us empty handed in terms of your so-called scandal. As Grumpy said, if you have something to say then say it. Otherwise, I suggest you keep your baseless rants to yourself because we’re all tired of them. And that applies to “L” too.
Concerned citizen @ August 8th, 2008 at 7:14 pm

Jeff Duffey: Obviously your Nicky and Eleanor’s new mouth piece. I think we all know about nicky’s prostitution charges where he was arrested and charged with prostittutes. That has been known for some time. But I do believe there is more information that will come out in the trail with the government. I think we will all agree that there are ethical issues, and issues of moral turpitude that the TREC will have to investigate. I know many people that have issues with EMS and it’s obvious by this blog that they are waiting for they’re day in court. Mathew, I salute you for your insight and honesty.
orange u on vacation @ August 9th, 2008 at 8:39 pm

So has anyone seen the Sheets in the past week or so? I know Mr. Nix said they were out of town. Is that a permanent situation? I can’t believe they would have the gall to show their faces in Dallas again, although it appears from their past actions that they have no shame. I can’t imagine that there a lot of homeowners eager to hire them, and the ones that do have contracts are probably desperately trying to get out of them. EMS should have paid their bills back when the had the money, because I don’t think their income is going up any time soon!
Nosebleeder @ August 9th, 2008 at 11:05 pm

The whispers of Nicky’s sins that apparently rhyme with “isn’t he vile” made it into the real estate community way up north of LBJ years ago…it would seem those closer to the Park Cities grapevine would know more details. The Sheet’s didn’t just not pay, they attempted to deceive the government by protecting the house with the sham trust..that’s their real problem and why the IRS finally said they wouldn’t be made a fool of any longer. I can guarantee they had bad counsel, at a minimum.
Oh Me Oh My @ August 11th, 2008 at 3:44 pm

Seems once again EMS has been caught with her hand in the cookie jar…she has always behaved as if she is above reproach…they (the Shittses)are very poor examples of the profession and it’s past time they get their due..rot in jail…I hope they relocate out of state and get into any other business but real estate…it’s embarrasing to the realtor community and the fact they have dupped the public into thinking they’re special. There’s been alot of controversy about EMS…why…as I recall, when ABA sold back 8 years ago(?) or so EMS terminated her listings, apparently, on her own, without client participation and moved them to her new company…tisk..tisk…against the rules!!…ended up in court…they should have taken her license then and what about all those kickbacks her clients knew nothing about…tisk…tisk…against the rules…bet her clients would like to know more about what’s going on behind their backs…but NOW…messin with the Feds…tisk..tisk…GO STRAIGHT TO JAIL and ROT……
Jeff Duffey @ August 12th, 2008 at 9:10 pm

Concerned citizen: Sorry to refute your false assumption, but I am not “Nicky and Eleanor’s new mouth piece”. I’m pretty good at putting my foot in my own mouth and if read Dallas Dirt or Frontburner regularly you would know that. I have simply known Nicky and Eleanor since I joined this office back in 2003 (which is not the same as being on Nicky and Eleanor’s team), that at the time included some pretty familiar names such as Doris Jacobs, Cynthia Beaird and Tom Rhodes, to name a few.

And by all means call me any name you would like - I’ll even give extra points for creativity. I’ve been commenting on Dallas Dirt since day one and my name and website have always been right there next to all of my posts. I’m afraid I can’t say the same for those that are throwing stones from outside their glass houses.
Candy Evans @ August 12th, 2008 at 10:09 pm

We love you, Jeff Duffey, I LOVE you!
D-D-Z @ October 13th, 2008 at 5:26 pm

The Sheets Saga continues on ……. Eleanor & Nicky have (or are about to) file for personal bankruptcy.

I’m sure there will be lots more dish from this filing.

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