Inside a billionaire family’s battle for $440M in real estate
This family is giving the Roys a run for their money. Like a page out…
This family is giving the Roys a run for their money.
Like a page out of the hit HBO series “Succession,” members of a prominent New Jersey family dynasty worth billions are being pitted against one another over real estate assets totaling hundreds of millions.
In a recent court filing obtained by The Post, prominent New Jersey real estate developer Dominick Alfieri, 82, is accused of trying to cut out his daughter, Jennifer Alfieri, from her share of the family assets and he’s teaming up with his son Michael Alfieri to do it.
Over two decades ago, Dominick provided his three children, Michael, 57, Christine, 55, and Jennifer, 50, a percentage and membership stake in his vast real estate portfolio.
Via a family trust, Jennifer received a 25% stake in Half Acre LLC, which include 209 acres in Cranbury, New Jersey. She also received stakes in over 8 acres of vacant land in Boca Raton, Florida, over 6 acres in a West Palm Beach, the MetroPark Hotel in Edison, New Jersey, 5 acres in Delray, Florida, as well as interests in luxurious homes in the uber-exclusive St. Jean section of St. Barts and in Nantucket.
Even better, the value of those assets has skyrocketed over the years. The New Jersey property now contains Amazon and Crate & Barrel warehouses estimated to be worth some $440 million, according to court records — enough cash to pit father and sibling against daughter.
“[In Feb. 2021] Dominick and Michael transferred the Half Acre Properties to Michael for the depressed price on paper of just $43 million—less than 10% of the fair market value,” a March 11 arbitration demand filed by Jennifer in New Jersey stated. “In reality, Michael paid nothing. Instead, Dominick and Michael used their positions as managing members of Half Acre LLC, along with other entities they controlled, to orchestrate transactions in which Michael and his shell company acquired all of the Half Acre Properties without actually putting up any money at all— and Jennifer’s Trust’s 25% membership interest in Half Acre LLC was gutted.”
After confronting her family about the sale, which allegedly occurred without her knowledge, the remaining assets in her trust were also transferred by her father and brother, she claimed.
Worse still, after robbing her trust, Jennifer alleges that her father “rubbed salt in the wound” by defaulting on millions in promissory notes that he had taken out against her trust for costs like property maintenance. He then sued her for the principal and interest plus attorney’s fees in the Superior Court of New Jersey.
“On October 2, 2021, Dominick issued notices of default to Jennifer’s Trust on approximately $7 million in promissory notes—knowing that because he stripped the Trust of its assets, it could not pay,” according to the court filing.
After being sued by her father and brother, things got ugly at home, an anonymous source with knowledge of the situation told The Post.
“He kicked her out his house, [canceled her] health insurance, everything, all because she questioned the transfer of assets,” the source said. “They’re trying to destroy her. It’s pure greed.”
But Jennifer, who declined through her attorney to speak with The Post, isn’t retreating from this family feud and plans to fight her sharp-toothed relations in court. She has moved to arbitrate her father’s claims or to dismiss the initial complaint altogether.
“The Trusts provided millions of dollars in tax benefit for Dominick,” the arbitration demand stated.
“In flagrant disregard of their legal obligations, Dominick Alfieri, a billionaire New Jersey real estate mogul, and his first-born and only son, Michael, conspired to rob his daughter,” the document stated.
Jennifer’s attorney Mark Premo-Hopkins of Kirkland & Ellis declined to comment, as did Dominick’s attorney, Alan M. Lebensfeld of Lebensfeld Sharon & Schwartz.
The source added that Dominick’s oldest daughter, Christine, was also allegedly cut off from her stake in his real estate portfolio. Christine did not return a request for comment.
Both parties are expected to appear for a case management conference — which has not yet been scheduled.