Mauricio Umansky Accused of Ripping Off Client In $32 Million Real Estate Deal! #RHOBH

Posted on Aug 5 2018 - 10:27am by Staff Writer

Mauricio Umansky - RHOBH

Kyle Richards‘ husband Mauricio Umansky, is being accused of doing shady business!

 

Mauricio Umansky is being accused of secretly selling a client’s Malibu mansion to himself  —  then reselling the home (a year later), at a profit of $37 million.

The seller of the mansion is demanding The Real Housewives of Beverly Hills househusband pay back $8 million from the deal and his insurance company is suing him to avoid having to fork over $3 million as part of that, according to court documents obtained by The Blast.

In 2016, a man named, Mauricio Oberfeld, in conjunction with Mauricio Umansky, acquired the property for a massive discount — just $32.5 million. They bought it straight from the U.S. Justice Department, which had seized it from the previous owner, Teodoro Nguema Obiang (he was once linked to Porsha Williams), the playboy son of Equatorial Guinea president, Teodoro Obiang. Obiang was accused of using funds pilfered from his home country to pay for the house.

The home was listed for $32 million and the arrangement called for $10 million of the proceeds to go to the U.S. government and the rest to Equatorial Guiana.

Mauricio Umansky and his luxury real estate company, The Agency, came on board as the real estate agent in 2015 and received five offers on the home, ranging from $32 million to $33.5 million.

The issue arose when, a man named Sam Hakim offered to pay Oberfeld $8 million to buy out his first-place spot to purchase the home, prior to the sale. Oberfeld countered demanding $15 million with Umansky and his partner getting a 4% brokerage fee.

According to The Blast:

“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. By the time they found out, it was too late to back out of the deal.

Western World says Umansky and his company had a duty to inform the seller of the offers but they did not.

The insurance company also claims they would later find out that Oberfeld offered Umansky to be an investor in the home and Umansky agreed. They claim Umansky should have known at the time the real estate market was rapidly appreciating in value and the $32 million price tag was already too low.

Umansky and the other investors would resell the home a year later for $69.9 million.

Once the seller, Sweetwater Malibu LLC, found out, they fired off a letter to Umansky asserting claims against him and his company for breach of fiduciary duties and negligence. They cited the failure to disclose the offers and counteroffers, failing to disclose his own financial benefit from the sale and for causing the home to be sold for a lower price than it should have been.

They demanded $8 million or more from Umansky and said it could be funded with $3 million from Western World and $5 million from his company.”

Umansky filed docs demanding the lawsuit be stayed until the outcome of the Sweetwater claims.

Do you think Mauricio Umansky was deceptive in this real estate deal? Sound off in the comments!

 

“Like” us on Facebook  “Follow” us on Twitter and on Instagram 

About the Author