Dominick Alfieri and son Michael Alfieri are accused of teaming as much as shut out Jennifer Alfieri and sister out of belief price greater than $400 million.
HBO; Denis Reggie; Fb
This household is giving the Roy’s a run for his or her cash.
Like a web page out of the hit HBO collection “Succession,” a outstanding New Jersey household dynasty price billions are being pitted towards each other over actual property belongings price lots of of hundreds of thousands.
In a latest court docket submitting obtained by The Publish, outstanding New Jersey actual property developer Dominick Alfieri, 82, is accused of attempting to chop out his daughter, Jennifer Alfieri, from her share of the household belongings and he’s teaming up together with his son Michael Alfieri to do it.
Over twenty years in the past, Dominick offered his three kids, Michael, 57, Christine, 55, and Jennifer, 50, a proportion and membership stake in his huge actual property portfolio.
Through a household belief, Jennifer obtained a 25% stake in Half Acre LLC, which embody 209 acres in Cranbury, New Jersey. She additionally obtained stakes in over 8 acres of vacant land in Boca Raton, Florida, over 6 acres in a West Palm Seashore, the MetroPark Resort in Edison, New Jersey, 5 acres in Delray, Florida, in addition to pursuits in luxurious properties within the uber-exclusive St. Jean part of St. Barts and in Nantucket.
Even higher, the worth of these belongings has skyrocketed over time. The New Jersey property now incorporates Amazon and Crate & Barrel warehouses estimated to be price some $440 million, in response to court docket information — sufficient money to pit father and sibling towards daughter.
“[In Feb. 2021] Dominick and Michael transferred the Half Acre Properties to Michael for the depressed value on paper of simply $43 million—lower than 10% of the honest market worth,” a March 11 arbitration demand filed by Jennifer in New Jersey acknowledged. “In actuality, Michael paid nothing. As a substitute, Dominick and Michael used their positions as managing members of Half Acre LLC, together with different entities they managed, to orchestrate transactions during which Michael and his shell firm acquired all the Half Acre Properties with out really placing up any cash in any respect— and Jennifer’s Belief’s 25% membership curiosity in Half Acre LLC was gutted.”
After confronting her household concerning the sale, which allegedly occurred with out her information, the remaining belongings in her belief had been additionally transferred by her father and brother, she claimed.
Worse nonetheless, after robbing her belief, Jennifer alleges that her father “rubbed salt within the wound” by defaulting on hundreds of thousands in promissory notes that he had taken out towards her belief for prices like property upkeep. He then sued her for the principal and curiosity plus lawyer’s charges within the Superior Courtroom of New Jersey.
“On October 2, 2021, Dominick issued notices of default to Jennifer’s Belief on roughly $7 million in promissory notes—understanding that as a result of he stripped the Belief of its belongings, it couldn't pay,” in response to the court docket submitting.
After being sued by her father and brother, issues acquired ugly at residence, an nameless supply with information of the state of affairs instructed The Publish.
“He kicked her out his home, [canceled her] medical insurance, every part, all as a result of she questioned the switch of belongings,” the supply stated. “They’re attempting to destroy her. It’s pure greed.”
However Jennifer, who declined via her lawyer to talk with The Publish, isn’t retreating from this household feud and plans to battle her sharp-toothed relations in court docket. She has moved to arbitrate her father’s claims or to dismiss the preliminary criticism altogether.
“The Trusts offered hundreds of thousands of dollars in tax profit for Dominick,” the arbitration demand acknowledged.
“In flagrant disregard of their authorized obligations, Dominick Alfieri, a billionaire New Jersey actual property mogul, and his first-born and solely son, Michael, conspired to rob his daughter,” the doc acknowledged.
Jennifer’s lawyer Mark Premo-Hopkins of Kirkland & Ellis declined to remark, as did Dominick’s lawyer, Alan M. Lebensfeld of Lebensfeld Sharon & Schwartz.
The supply added that Dominick’s oldest daughter, Christine, was additionally allegedly minimize off from her stake in his actual property portfolio. Christine didn't return a request for remark.
Each events are anticipated to seem for a case administration convention — which has not but been scheduled.
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