Once the house was completed and sold the loan would be paid off and the profits split among the three partners. Unfortunately, and perhaps inevitably, there were cost overruns. Smoot refused to commit any more money, leaving Sullivan and Slaymaker with the unpleasant choice between throwing more money into the project or losing their investment.
They chose the former and took out a loan for another $470 in April 1911. The house was completed, but Smoot apparently had had his fill of the effort, and may have seen the writing on the wall foretelling the future of concrete blocks. In any event, in January 1912 he intentionally defaulted on an interest payment on the mortgage and instructed the trustee to go ahead and foreclose on him.
By this point the commercial venture was clearly collapsing. The construction of this house and his own had pushed Sullivan over the edge and he had declared bankruptcy in late 1911. Slaymaker filed a motion in county court and won a brief injunction against the foreclosure sale of the property, arguing that the proceeds would be used solely to repay the mortgage (signed by Smoot), while he wanted the court to sell the land and divide what money derived among the partners. The injunction was short-lived and on February 10th 1912 the 207 E Alexandria house was auctioned off as a foreclosed mortgage.
Shortly after the sale the trustee filed his accounting with the court. He had managed to get $2,550 for the property at auction. Of that, $2,300 went to pay off the principal of the mortgage, $89.14 for missed interest, $17.00 for advertising notices, $10.00 for the auctioneer's fee and $127.50 for the commission on the sale. That yielded a total $2,543.64 in expenses, leaving the princely sum of $6.36 to be split among the partners as surplus. Since Sullivan had already declared bankruptcy, that left Slaymaker holding the bag for the $463 balance of their loan. This was not an inconsiderable sum, as the average American that year earned less than $600.
So two of the partners lost their shirts on the deal. The other one, however, seems to have come out ahead. The winning bidder at the auction was none other than J Clinton's wife Frances (universally known as Frank). In other words, he had taken back a house for $2,550 that had cost at least $2,740 to build, not including the materials provided by the now bankrupt Sullivan.
Frank Slaymaker carried on as a successful realtor, while Sullivan returned to full-time bookkeeping, winding up as the chief clerk of the Alexandria Fertilizer and Chemical Co in 1919, before throwing in the towel and moving out of the area.