Kyle Richards The Real Housewives of Beverly Hills - RHOBH

Mauricio Umansky Accused of Screwing Over Client on $32 Million Malibu Mansion Sale

HOLLYWOOD, CA - OCTOBER 23: Mauricio Umansky and Kyle Richards attend the "The Real Housewives of Beverly Hills" and "Vanderpump Rules" premiere party at Boulevard3 on October 23, 2013 in Hollywood, California. (Photo by Jason LaVeris/FilmMagic)

Uh-oh! Mauricio Umansky is accused of screwing over one his clients in a major way!

Apparently, Mauricio secretly sold a client’s Malibu mansion to himself and then resold the property a year later at a profit of $37 million!

Now according to The Blast, the former owner is demanding Mauricio fork over $8 million from the deal. If that weren’t bad enough Mauricio’s insurance company is also “suing him to avoid having to fork over $3 million as part of that.”

However, that’s only the tip of the iceberg.

In 2011, the United States government wanted to seize the Malibu mansion of a man named Teodoro Nguema Obiang Mangue. Mangue allegedly used stolen funds from his home country Equatorial Guinea to purchase the estate.

Oh, not to mention Mangue is also the son of the President of Equatorial Guinea AND is rumored to have dated RHOA star, Porsha Williams. Word on the street is Porsha lied about her relationship with Mangue but ya never know at this point.

The Malibu estate was listed for $32 million with the contingency that $10 million from the sale go to the United States government and the rest to Equatorial Guinea.

Mauricio and his real estate company The Agency then came on board and received 5 offers on the listing, ranging from $32 million to $33.5 million.

An agreement to purchase the home for $33.5 million was made by a man named Mauricio Oberfeld, who later demanded a $1 million repair credit and price locked the sale of the home at $32.5 million. The United States government approved the sale on February 8, 2016.

However, just prior to the sale, Umansky received another offer from a man named Sam Hakim, who offered to pay Oberfeld $8 million for his “first-place spot to purchase the home.” Oberfeld countered the offer and demanded $15 million with Umanksy and The Agency receiving a 4% fee.

Now the insurance company, Western World, “accuses Umansky of never disclosing the assignment offer or the counteroffer to the United States or the seller prior to the sale closing;” claiming that by the time they did find out, it was too late to back out of the sale.

Western World further claims that Umansky had a “duty” to tell the seller about all the offers on the property but did not.

To add fuel to the fire, the insurance company also alleges that Oberfeld asked Umanksy to become a partner in the property and he agreed. Adding that Umansky should have known that the $32 million price tag was already too low for the property due to the fact that the real estate market was rapidly appreciating value at the time.

A year later, Umansky and the other investors sold the property for a whopping $69.9 million.

When the previous owners of the Malibu property, Sweetwater Malibu LLC, found out about the sale they shot off a letter to Umansky accusing him and his company of “breach of fiduciary duties and negligence.”

According to the previous owners, Umanksy failed to disclose counteroffers and his own financial gain from the sale.  On top of that, they allege that Umansky also allowed the property to be sold at a lower price than it should have been.

The owners demanded $8 million from Umansky, stating that $3 million could be funded from Western World and $5 million from his company.

Western World says that Umansky filed a claim for coverage and that they have been defending the case, however, they say due to Umansky’s actions during the sale that they shouldn’t have to continue defending Umansky and The Agency.

The Agency owner disagrees and filed documents “demanding the lawsuit be stayed until the outcome of the Sweetwater claims.” Adding that, “Western World accepted their defense and hired a defense lawyer.”

Umansky also claims that “they even had two confidential mediation sessions and WW was present.” Furthermore, Umansky accuses Western World of “teaming up with Sweetwater to argue he and The Agency violated their duties in the sale” and says that to date they haven’t paid any defense costs.

Yikes. This seems like a big old mess!

Thoughts on Mauricio’s legal trouble? Sound of below!

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About the author

Lara Sophia

Lara began writing for AllAboutTRH in October 2014. Lara is a born and bred Jersey girl, who loves blogging and currently writes a lifestyle blog: ChicandSequined.com Beyond blogging, Lara enjoys traveling, fashion, beauty, and gossip. Lara is excited to get in on the gossip and put her own spin on things.

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