This relatives is supplying the Roy’s a operate for their income.
Like a site out of the strike HBO sequence “Succession,” a popular New Jersey loved ones dynasty worth billions are becoming pitted in opposition to just one a different over real estate property well worth hundreds of tens of millions.
In a recent court submitting acquired by The Publish, distinguished New Jersey authentic estate developer Dominick Alfieri, 82, is accused of hoping to slash out his daughter, Jennifer Alfieri, from her share of the household assets and he’s teaming up with his son Michael Alfieri to do it.
More than two many years back, Dominick provided his 3 children, Michael, 57, Christine, 55, and Jennifer, 50, a percentage and membership stake in his large real estate portfolio.
By means of a relatives have confidence in, Jennifer been given a 25% stake in 50 % Acre LLC, which contain 209 acres in Cranbury, New Jersey. She also received stakes in more than 8 acres of vacant land in Boca Raton, Florida, more than 6 acres in a West Palm Beach, the MetroPark Lodge in Edison, New Jersey, 5 acres in Delray, Florida, as properly as interests in lavish properties in the uber-exclusive St. Jean part of St. Barts and in Nantucket.
Even greater, the price of all those belongings has skyrocketed in excess of the years. The New Jersey residence now incorporates Amazon and Crate & Barrel warehouses estimated to be value some $440 million, in accordance to courtroom data — plenty of dollars to pit father and sibling in opposition to daughter.
“[In Feb. 2021] Dominick and Michael transferred the Half Acre Properties to Michael for the frustrated selling price on paper of just $43 million—less than 10% of the reasonable current market value,” a March 11 arbitration demand filed by Jennifer in New Jersey stated. “In truth, Michael paid practically nothing. As a substitute, Dominick and Michael used their positions as running customers of Half Acre LLC, alongside with other entities they controlled, to orchestrate transactions in which Michael and his shell company acquired all of the 50 % Acre Qualities devoid of in fact placing up any cash at all— and Jennifer’s Trust’s 25% membership fascination in Fifty percent Acre LLC was gutted.”
After confronting her loved ones about the sale, which allegedly happened with out her understanding, the remaining assets in her belief were being also transferred by her father and brother, she claimed.
Worse even now, right after robbing her have faith in, Jennifer alleges that her father “rubbed salt in the wound” by defaulting on millions in promissory notes that he had taken out in opposition to her trust for costs like home upkeep. He then sued her for the principal and interest as well as attorney’s fees in the Excellent Court of New Jersey.
“On October 2, 2021, Dominick issued notices of default to Jennifer’s Believe in on approximately $7 million in promissory notes—knowing that because he stripped the Have faith in of its assets, it could not spend,” according to the court docket submitting.
Following being sued by her father and brother, points received unpleasant at house, an nameless source with awareness of the situation told The Post.
“He kicked her out his home, [canceled her] health insurance policy, every thing, all since she questioned the transfer of assets,” the supply said. “They’re trying to destroy her. It is pure greed.”
But Jennifer, who declined by means of her legal professional to speak with The Publish, is not retreating from this spouse and children feud and options to fight her sharp-toothed relations in court docket. She has moved to arbitrate her father’s statements or to dismiss the initial grievance altogether.
“The Trusts supplied thousands and thousands of pounds in tax advantage for Dominick,” the arbitration desire stated.
“In flagrant disregard of their lawful obligations, Dominick Alfieri, a billionaire New Jersey true estate mogul, and his very first-born and only son, Michael, conspired to rob his daughter,” the doc said.
Jennifer’s attorney Mark Premo-Hopkins of Kirkland & Ellis declined to comment, as did Dominick’s lawyer, Alan M. Lebensfeld of Lebensfeld Sharon & Schwartz.
The resource included that Dominick’s oldest daughter, Christine, was also allegedly lower off from her stake in his authentic estate portfolio. Christine did not return a ask for for remark.
The two get-togethers are expected to show up for a case management conference — which has not nevertheless been scheduled.