Duane Martin has reached a settlement in the lawsuit accusing him of fraud and hiding a home in his bankruptcy, and his close friend Will Smith will finally be paid back the million plus he had loaned him to save the property.
According to court documents obtained by The Blast, Duane and the trustee presiding over his bankruptcy have reached a deal, where Smith will be paid back in full the $1.5 million loaned to Martin. Per their deal, Duane has agreed to sell off a 5-bedroom, 6-bathroom, 9,200 sq. ft. mansion located in Chatsworth, California. The trustee already found a buyer who will be purchasing the pad for $2.45 million. The new buyer had to sign documents stating they do not know Duane, Tisha Campbell-Martin or Will and Jada Pinkett Smith.
The $2.45 million will be broken down into $1.5 million going to Will Smith’s company named TB Properties LLC, $122k owed in back rent, $485k to the bankruptcy estate (to be used to pay off creditors) and $170,560 to Roxe LLC.