Later in 1793, Morris, Nicholson, and James Greenleaf jointly purchased thousands of lots in the recently established District of Columbia. They subsequently purchased millions of acres in Pennsylvania, Kentucky, Virginia, Georgia, and the Carolinas; in each case, they went into debt to make the purchases, with the intent of quickly reselling the land to realize a profit. Morris and his partners struggled to re-sell their lands, and Greenleaf dropped out from the partnership in 1795. Morris realized a profit by selling his lots in the District of Columbia in 1796, but he and Nicholson still owed their creditors approximately $12 million (about $ in ). By Morris's own admission the beginning of his bankruptcy began with the failure of John Warder & Co. of Dublin and Donald and Burton of London in the spring of 1793.