This relatives is offering the Roy’s a operate for their dollars.
Like a webpage out of the hit HBO series “Succession,” a notable New Jersey spouse and children dynasty really worth billions are being pitted versus 1 another about genuine estate property worth hundreds of millions.
In a modern court filing attained by The Submit, prominent New Jersey genuine estate developer Dominick Alfieri, 82, is accused of seeking to cut out his daughter, Jennifer Alfieri, from her share of the loved ones property and he’s teaming up with his son Michael Alfieri to do it.
Around two many years back, Dominick provided his three small children, Michael, 57, Christine, 55, and Jennifer, 50, a proportion and membership stake in his large true estate portfolio.
Through a relatives have confidence in, Jennifer obtained a 25% stake in Half Acre LLC, which consist of 209 acres in Cranbury, New Jersey. She also received stakes in in excess of 8 acres of vacant land in Boca Raton, Florida, more than 6 acres in a West Palm Seashore, the MetroPark Hotel in Edison, New Jersey, 5 acres in Delray, Florida, as very well as interests in lavish households in the uber-distinctive St. Jean portion of St. Barts and in Nantucket.
Even much better, the worth of those people belongings has skyrocketed above the many years. The New Jersey residence now contains Amazon and Crate & Barrel warehouses believed to be worth some $440 million, according to court docket data — sufficient cash to pit father and sibling in opposition to daughter.
“[In Feb. 2021] Dominick and Michael transferred the 50 % Acre Houses to Michael for the frustrated value on paper of just $43 million—less than 10% of the honest sector benefit,” a March 11 arbitration demand from customers filed by Jennifer in New Jersey mentioned. “In fact, Michael paid out absolutely nothing. As a substitute, Dominick and Michael utilised their positions as taking care of members of Half Acre LLC, alongside with other entities they controlled, to orchestrate transactions in which Michael and his shell corporation acquired all of the Half Acre Properties without really placing up any dollars at all— and Jennifer’s Trust’s 25% membership fascination in 50 % Acre LLC was gutted.”
Soon after confronting her family members about the sale, which allegedly transpired with out her information, the remaining property in her belief have been also transferred by her father and brother, she claimed.
Even worse nevertheless, soon after robbing her belief, Jennifer alleges that her father “rubbed salt in the wound” by defaulting on hundreds of thousands in promissory notes that he experienced taken out from her rely on for charges like home routine maintenance. He then sued her for the principal and interest furthermore attorney’s charges in the Superior Courtroom of New Jersey.
“On Oct 2, 2021, Dominick issued notices of default to Jennifer’s Belief on roughly $7 million in promissory notes—knowing that for the reason that he stripped the Rely on of its belongings, it could not pay,” according to the court submitting.
Following staying sued by her father and brother, points got unsightly at property, an nameless supply with information of the problem advised The Write-up.
“He kicked her out his home, [canceled her] wellbeing insurance policy, every thing, all for the reason that she questioned the transfer of belongings,” the resource mentioned. “They’re seeking to wipe out her. It’s pure greed.”
But Jennifer, who declined by way of her legal professional to discuss with The Post, is not 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 initial criticism completely.
“The Trusts presented thousands and thousands of pounds in tax gain for Dominick,” the arbitration demand stated.
“In flagrant disregard of their legal obligations, Dominick Alfieri, a billionaire New Jersey authentic estate mogul, and his to start with-born and only son, Michael, conspired to rob his daughter,” the doc said.
Jennifer’s legal professional Mark Premo-Hopkins of Kirkland & Ellis declined to remark, as did Dominick’s attorney, Alan M. Lebensfeld of Lebensfeld Sharon & Schwartz.
The resource additional that Dominick’s oldest daughter, Christine, was also allegedly slice off from her stake in his true estate portfolio. Christine did not return a ask for for remark.
Each parties are envisioned to surface for a situation management meeting — which has not but been scheduled.