This relatives is providing the Roy’s a operate for their income.
Like a page out of the hit HBO collection “Succession,” a outstanding New Jersey family members dynasty well worth billions are remaining pitted versus one particular a further around true estate belongings well worth hundreds of millions.
In a new courtroom submitting received by The Write-up, outstanding New Jersey actual estate developer Dominick Alfieri, 82, is accused of hoping to reduce out his daughter, Jennifer Alfieri, from her share of the household belongings and he’s teaming up with his son Michael Alfieri to do it.
Above two many years ago, Dominick delivered his a few kids, Michael, 57, Christine, 55, and Jennifer, 50, a proportion and membership stake in his wide genuine estate portfolio.
By way of a relatives have confidence in, Jennifer acquired a 25% stake in 50 % Acre LLC, which consist of 209 acres in Cranbury, New Jersey. She also obtained stakes in more than 8 acres of vacant land in Boca Raton, Florida, around 6 acres in a West Palm Beach front, the MetroPark Lodge in Edison, New Jersey, 5 acres in Delray, Florida, as very well as passions in high-class homes in the uber-special St. Jean segment of St. Barts and in Nantucket.
Even better, the worth of these assets has skyrocketed above the years. The New Jersey house now contains Amazon and Crate & Barrel warehouses believed to be well worth some $440 million, according to court documents — ample income to pit father and sibling against daughter.
“[In Feb. 2021] Dominick and Michael transferred the Half Acre Houses to Michael for the depressed cost on paper of just $43 million—less than 10% of the honest sector value,” a March 11 arbitration desire submitted by Jennifer in New Jersey said. “In fact, Michael compensated nothing. As an alternative, Dominick and Michael employed their positions as taking care of associates of 50 percent Acre LLC, together with other entities they managed, to orchestrate transactions in which Michael and his shell company acquired all of the Half Acre Houses without the need of in fact putting up any cash at all— and Jennifer’s Trust’s 25% membership curiosity in 50 percent Acre LLC was gutted.”
Immediately after confronting her relatives about the sale, which allegedly occurred without the need of her know-how, the remaining belongings in her trust had been also transferred by her father and brother, she claimed.
Even worse still, immediately after robbing her have faith in, Jennifer alleges that her father “rubbed salt in the wound” by defaulting on tens of millions in promissory notes that he had taken out from her trust for charges like residence maintenance. He then sued her for the principal and curiosity moreover attorney’s service fees in the Exceptional Courtroom of New Jersey.
“On Oct 2, 2021, Dominick issued notices of default to Jennifer’s Rely on on somewhere around $7 million in promissory notes—knowing that because he stripped the Have confidence in of its property, it could not fork out,” in accordance to the court filing.
Following getting sued by her father and brother, things acquired ugly at dwelling, an anonymous resource with awareness of the situation instructed The Post.
“He kicked her out his residence, [canceled her] health and fitness insurance plan, every thing, all since she questioned the transfer of assets,” the source claimed. “They’re trying to demolish her. It is pure greed.”
But Jennifer, who declined via her legal professional to speak with The Put up, isn’t retreating from this spouse and children feud and designs to struggle her sharp-toothed relations in courtroom. She has moved to arbitrate her father’s claims or to dismiss the original grievance altogether.
“The Trusts presented hundreds of thousands of bucks in tax gain for Dominick,” the arbitration need stated.
“In flagrant disregard of their legal obligations, Dominick Alfieri, a billionaire New Jersey authentic estate mogul, and his 1st-born and only son, Michael, conspired to rob his daughter,” the doc stated.
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 source added that Dominick’s oldest daughter, Christine, was also allegedly slash off from her stake in his genuine estate portfolio. Christine did not return a ask for for comment.
Each functions are expected to show up for a case management convention — which has not but been scheduled.