Kyle Richards and her husband, Mauricio Umansky, are facing some legal setbacks. The stars of The Real Housewives of Beverly Hills are in a serious legal situation. Mauricio is being accused of fraud in a new lawsuit over a real estate deal. Kyle’s husband Mauricio, is a real estate broker and owns his own company, The Agency. According to The Blast, the legal troubles are over Mauricio selling an expensive property in Malibu, California.
According to reports, the home was owned by the son of the President of Equatorial Guinea. The United States Government had seized the home as an asset belonging to the family after a long criminal investigation. In the settlement, the son Teodoro Nguema Obiang Mangue agreed to sell the beautiful beachfront property and pay $10 million dollars of the proceeds to a charity that would benefit the people of his home country.
Mauricio listed the house on the market for a cool $32 million dollars. Sam Hakim, was a potential buyer, and he filed a new lawsuit. He claims that Mauricio allegedly chose the price knowing “full well it was far below the property’s true market value.” He alleges in the lawsuit, that Mauricio did this so that he could secretly buy it for himself and sell it for a bigger profit later on.
Mauricio ended up flipping the property. He sold it for nearly $70 million dollars.
According to Sam, he approached Mauricio to make an offer on the house for $40 million dollars. He claims he was told, “not to put it in writing.” In the documents, he states the “egregious breaches of duty and other despicable conduct” and lack of transparency cost him the profits he would have made. It would have been a profit of $35 million dollars, and he’s seeking no less than $35 million in his lawsuit.
Real estate is a lucrative business, that’s for sure! Malibu homes are so beautiful. I’m sure both parties will be able to work everything out in terms of this legal situation. On a positive note, I’m looking forward to watching next season of the RHOBH!
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Source: The Blast