Pitcairn Property tossed out of bankruptcy court

* Ruling clears way for investor to seek control

* $800 mln real estate portfolio at stake

WILMINGTON, Del., Sept 8 (Reuters) - Pitcairn Property Holdings Inc, a real estate firm founded on the Pittsburgh Plate Glass Co fortune, was tossed from bankruptcy court where it took refuge from a shareholder seeking to seize control.

Judge Christopher Sontchi signed an order Tuesday that tossed the company, which manages or owns $800 million worth of real estate, out of bankruptcy with unusual speed, ending its stay in Chapter 11 just days after it filed for court protection.

The company traces its corporate family tree back to the 19th century founding of Pittsburgh Plate Glass Co by John Pitcairn, whose descendants form one of Philadelphia's richest clans.

The company now faces a hearing in Delaware state court that was put on hold by the bankruptcy filing. If the company loses, it would clear the way for Philadelphia investor Eric Blum to exercise his right as a preferred shareholder to name a controlling number of board seats.

Blum, who heads PPH Investments and ELB Capital Management, has argued he obtained the right when Pitcairn failed to make scheduled dividend payments on his $50 million of shares.

Pitcairn Property's spokesman did not immediately return a call for comment. (Reporting by Tom Hals, editing by Dave Zimmerman)