The son of the president of an African nation purchased a mansion in the United States. He also owns controlling interest in a limited liability, which is involved in a complicated situation regarding real estate disputes. Millions are at stake, and a federal judge has agreed to hear a case that is wrought with allegations from all sides. Florida property owners who are currently facing legal issues with brokers or insurers may want to follow this case.
In 2006, the son of the African nation president purchased a luxury home on the West Coast. Some eight years later, he was accused of using monies pilfered from oil and gas sales in his country of origin to make the purchase. The department that filed a lawsuit against him agreed to settle, provided that $10.3 million be given to U.S. officials and the rest distributed to charities in Africa.
A deal was struck for the sale of the home for the discounted price of $32.5, down one million as part of the deal because the buyer said the home needed repairs. The sale went through and the buyer made the repairs. He then sold the house a year later for more than double his purchase price. This has led to a lawsuit, claiming the broker and the buyer were in cahoots to sell the home for less than its market value so they could flip it, then profit in the re-sale.
Complicated real estate disputes often take weeks, even months to resolve. Relying on an experienced real estate law attorney is always a good idea because the attorney is tasked with protecting the rights and best interests of the client. If a Florida property owner believes a broker or other agent has breached a fiduciary duty in the sale of a home, an attorney can help determine a best course of action to seek justice in the situation.