Inside of a billionaire family’s battle for $440M in genuine estate
This loved ones is offering the Roys a run for their revenue.
Like a page out of the hit HBO collection “Succession,” members of a notable New Jersey household dynasty value billions are becoming pitted from 1 an additional about genuine estate assets totaling hundreds of tens of millions.
In a new court docket submitting attained by The Article, popular New Jersey true estate developer Dominick Alfieri, 82, is accused of making an attempt to cut out his daughter, Jennifer Alfieri, from her share of the relatives assets and he’s teaming up with his son Michael Alfieri to do it.
Around two decades ago, Dominick supplied his three kids, Michael, 57, Christine, 55, and Jennifer, 50, a share and membership stake in his broad serious estate portfolio.
Via a spouse and children have confidence in, Jennifer gained a 25% stake in Fifty percent Acre LLC, which include 209 acres in Cranbury, New Jersey. She also received stakes in above 8 acres of vacant land in Boca Raton, Florida, more than 6 acres in a West Palm Seashore, the MetroPark Resort in Edison, New Jersey, 5 acres in Delray, Florida, as properly as interests in lavish residences in the uber-distinctive St. Jean section of St. Barts and in Nantucket.
Even superior, the value of these belongings has skyrocketed around the many years. The New Jersey home now includes Amazon and Crate & Barrel warehouses estimated to be worthy of some $440 million, according to court docket data — sufficient income to pit father and sibling from daughter.
“[In Feb. 2021] Dominick and Michael transferred the 50 % Acre Properties to Michael for the frustrated selling price on paper of just $43 million—less than 10% of the fair sector price,” a March 11 arbitration desire submitted by Jennifer in New Jersey stated. “In actuality, Michael compensated nothing at all. As an alternative, Dominick and Michael used their positions as handling members of 50 % Acre LLC, along with other entities they controlled, to orchestrate transactions in which Michael and his shell enterprise acquired all of the Fifty percent Acre Homes devoid of essentially placing up any funds at all— and Jennifer’s Trust’s 25% membership desire in Half Acre LLC was gutted.”
After confronting her loved ones about the sale, which allegedly occurred without having her knowledge, the remaining property in her have confidence in were also transferred by her father and brother, she claimed.
Even worse continue to, immediately after robbing her trust, Jennifer alleges that her father “rubbed salt in the wound” by defaulting on thousands and thousands in promissory notes that he experienced taken out from her trust for expenditures like property servicing. He then sued her for the principal and interest in addition attorney’s fees in the Superior Courtroom of New Jersey.
“On October 2, 2021, Dominick issued notices of default to Jennifer’s Rely on on approximately $7 million in promissory notes—knowing that mainly because he stripped the Have faith in of its belongings, it could not pay,” according to the court docket submitting.
Soon after getting sued by her father and brother, issues received hideous at household, an nameless source with knowledge of the condition explained to The Post.
“He kicked her out his property, [canceled her] wellness insurance, every thing, all because she questioned the transfer of property,” the source stated. “They’re hoping to demolish her. It is pure greed.”
But Jennifer, who declined through her attorney to talk with The Write-up, isn’t retreating from this family members feud and programs to combat her sharp-toothed relations in court. She has moved to arbitrate her father’s statements or to dismiss the original complaint entirely.
“The Trusts supplied millions of bucks in tax benefit for Dominick,” the arbitration demand stated.
“In flagrant disregard of their authorized obligations, Dominick Alfieri, a billionaire New Jersey real estate mogul, and his very first-born and only son, Michael, conspired to rob his daughter,” the doc stated.
Jennifer’s attorney Mark Premo-Hopkins of Kirkland & Ellis declined to comment, as did Dominick’s legal professional, Alan M. Lebensfeld of Lebensfeld Sharon & Schwartz.
The source included that Dominick’s oldest daughter, Christine, was also allegedly reduce off from her stake in his genuine estate portfolio. Christine did not return a request for remark.
Equally functions are envisioned to look for a scenario management convention — which has not but been scheduled.
