Agreed there. Most likely they hid the ownership of the “toys” and used the exemptions part of the BK law to shield their home. In Florida, I believe, you can shield your home from being taken in a Ch 7 BK even if your home is worth millions.
in FL it is 1/2 acre in a municipality and 120 acres in unincorporated areas that is homestead expempt.
However you have to now live in fl for a set period. (2 years)
Even PRE=reform you could not buy an expensive home for an safehabor tool to evade creditors. (statute of frauds period 4 years, insider transfer period 1 year)
also that does not protect you for paying the first mortgage. (hence the inflated valuations)