This household is supplying the Roys a operate for their cash.
Like a webpage out of the hit HBO series “Succession,” members of a popular New Jersey household dynasty truly worth billions are becoming pitted versus just one an additional more than serious estate belongings totaling hundreds of hundreds of thousands.
In a the latest court docket filing obtained by The Write-up, notable New Jersey real estate developer Dominick Alfieri, 82, is accused of attempting to reduce out his daughter, Jennifer Alfieri, from her share of the spouse and children assets and he’s teaming up with his son Michael Alfieri to do it.
Around two a long time in the past, Dominick supplied his a few kids, Michael, 57, Christine, 55, and Jennifer, 50, a percentage and membership stake in his broad true estate portfolio.
Via a loved ones believe in, Jennifer gained a 25% stake in Half Acre LLC, which include things like 209 acres in Cranbury, New Jersey. She also acquired stakes in in excess of 8 acres of vacant land in Boca Raton, Florida, more than 6 acres in a West Palm Beach front, the MetroPark Hotel in Edison, New Jersey, 5 acres in Delray, Florida, as perfectly as pursuits in deluxe homes in the uber-exceptional St. Jean portion of St. Barts and in Nantucket.
Even superior, the benefit of these belongings has skyrocketed about the years. The New Jersey assets now consists of Amazon and Crate & Barrel warehouses believed to be really worth some $440 million, in accordance to courtroom documents — sufficient hard cash to pit father and sibling towards daughter.
“[In Feb. 2021] Dominick and Michael transferred the Fifty percent Acre Attributes to Michael for the depressed rate on paper of just $43 million—less than 10% of the good current market benefit,” a March 11 arbitration demand submitted by Jennifer in New Jersey said. “In truth, Michael compensated practically nothing. Alternatively, Dominick and Michael utilized their positions as managing members of 50 percent Acre LLC, alongside with other entities they controlled, to orchestrate transactions in which Michael and his shell firm obtained all of the Fifty percent Acre Attributes without having truly placing up any funds at all— and Jennifer’s Trust’s 25% membership fascination in 50 percent Acre LLC was gutted.”
Right after confronting her spouse and children about the sale, which allegedly occurred devoid of her know-how, the remaining property in her belief were also transferred by her father and brother, she claimed.
Even worse still, after robbing her trust, Jennifer alleges that her father “rubbed salt in the wound” by defaulting on tens of millions in promissory notes that he had taken out in opposition to her believe in for costs like home maintenance. He then sued her for the principal and curiosity in addition attorney’s service fees in the Remarkable Courtroom of New Jersey.
“On Oct 2, 2021, Dominick issued notices of default to Jennifer’s Rely on on about $7 million in promissory notes—knowing that simply because he stripped the Have confidence in of its assets, it could not fork out,” according to the court docket filing.
Just after getting sued by her father and brother, factors acquired unsightly at house, an anonymous source with expertise of the scenario informed The Post.
“He kicked her out his home, [canceled her] wellbeing insurance plan, every thing, all for the reason that she questioned the transfer of property,” the supply reported. “They’re seeking to destroy her. It is pure greed.”
But Jennifer, who declined by her attorney to communicate with The Post, isn’t retreating from this family feud and designs to struggle her sharp-toothed relations in court docket. She has moved to arbitrate her father’s statements or to dismiss the first complaint altogether.
“The Trusts presented millions of dollars in tax benefit for Dominick,” the arbitration demand from customers mentioned.
“In flagrant disregard of their legal obligations, Dominick Alfieri, a billionaire New Jersey true estate mogul, and his to start with-born and only son, Michael, conspired to rob his daughter,” the document said.
Jennifer’s lawyer Mark Premo-Hopkins of Kirkland & Ellis declined to comment, as did Dominick’s attorney, Alan M. Lebensfeld of Lebensfeld Sharon & Schwartz.
The supply additional that Dominick’s oldest daughter, Christine, was also allegedly slash off from her stake in his actual estate portfolio. Christine did not return a ask for for comment.
Both of those functions are predicted to surface for a case administration convention — which has not yet been scheduled.