“Real Housewives of Beverly Hills” star Kyle Richards’ husband, celebrity real estate broker Mauricio Umansky, is in some hot water after being accused of fraudulently double-dipping on a massive real estate deal.
According to a new lawsuit obtained by The Blast, Back in 2016, Umansky was selling a high end property on the water in Malibu, CA.
The home was owned by the son of the President of Equatorial Guinea. But, it wasn’t an ordinary sale, The United States Government had seized the home as an asset belonging to the family after a long criminal investigation.
As a part of a settlement, the son Teodoro Nguema Obiang Mangue, agreed to sell the beachfront property and fork over $10 million of the proceeds to a charity benefiting the people of his home country.
Umansky put the house on the market for $32 million.
A potential buyer, Sam Hakim, filed the new lawsuit claiming Mauricio chose the price knowing, “full well it was far below the property’s true market value.”
He claims in the suit, he did this so so he could secretly buy it himself and sell it at a profit at a later date.
Mauricio eventually flipped the property and sold it for almost $70 million, at a huge profit.
According to Hakim, he approached Umanksy to make an offer on the house for $40 million, but says he was told “not to put it in writing.”
He claims he later learned the only reason he was advised this by Umansky himself was so the reality star could buy the house for himself at the lower price.
In the documents, Hakim says the “egregious breaches of duty and other despicable conduct” and lack of transparency cost him the profits that would have been generated if he would gotten the winning bid, a profit of $35 Million dollars.
He says the lawsuit is the recoup the amount to seek regress from the “RHOBH” stars “shocking misconduct.”
He is suing for no less than the $35 Million.
As The Blast previously reported, an insurance company who was brought in on the case is also suing several of the parties for the same deal gone wrong.