A Florida man turned his household’s Manhattan high-rise right into a $200 million property however cruelly lower them out of the hefty income, his brother prices in a lawsuit.
The Wei household, primarily based in Brazil, has owned 116 John St. since 1980, after they paid $four million for the 35-story constructing, information present.
Income from the property had been presupposed to circulation to the Wei household via a belief, which included mother and father Daniel and Emily and their sons, Peter and Antonio.
In 2010, Peter Wei, 66, partnered with actual property developer Nathan Berman to transform the 412-unit constructing into high-end leases — a deal that finally paid off by churning out greater than $9 million in annual earnings, whereas the constructing’s worth skyrocketed to greater than $200 million in 2014.
However Wei, who runs Hacienda Intercontinental Realty and quite a few different restricted legal responsibility corporations, by no means shared these income along with his household’s belief, Antonio claims in a Florida state courtroom lawsuit.
Peter Wei, primarily based in Miami, has scammed his relations out of a sum “believed to be nicely in extra of $50 million,” his brother prices in courtroom papers.
Wei didn’t return messages searching for remark.