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Inside a billionaire family’s battle for $440M in real estate

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This family is giving Roy a run for their money.

Like the hit HBO series “Succession” page, the prominent New Jersey family dynasties worth billions are competing with each other for billions of valuable real estate assets.

Dominique Alfieri, 82, a prominent New Jersey real estate developer, was accused of trying to cut his daughter Jennifer Alfieri from a share of family wealth in a court petition recently obtained by The Post, and his son. We are teaming up with Michael Alfieri of. To do that.

More than 20 years ago, Dominique provided his three children, Michael (57), Christine (55) and Jennifer (50), with a percentage of his vast real estate portfolio and membership.

Through a family trust, Jennifer received a 25% stake in Half Acre LLC, including 209 acres in Cranberry, NJ. She has also invested in more than 8 acres of vacant lot in Boca Raton, Florida, more than 6 acres in West Palm Beach, Metropark Hotel in Edison, NJ, and 5 acres in Del Rey, Florida, and is a super-luxury cent in St. Barts and Nantucket. Jean section.

Jennifer Alfieri (left), Dominique Alfieri and his son Michael Alfieri (right).
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Jennifer Alfieri's 4-bedroom, 6-bathroom estate in Nantucket.
Jennifer Alfieri’s 4-bedroom, 6-bathroom estate in Nantucket, Massachusetts.
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Even better, the value of these assets has skyrocketed over the years. New Jersey real estate now includes Amazon and Crate & Barrel warehouses, which are estimated to be worth about $ 440 million, according to court records.

“”[In Feb. 2021] Dominique and Michael have transferred half-acre real estate to Michael. The price of the paper was only $ 43 million, less than 10% of the fair market price, “said Jennifer’s March 11 arbitration request in New Jersey. “In fact, Michael isn’t paying anything. Instead, Dominique and Michael use their position as administrative members of Half-Acre LLC, along with other entities they control, to Michael and his shell. The company has coordinated a transaction to acquire all half-acre properties without actually spending any money. The 25% membership of Jennifer’s Trust for Half-Acre LLC has been wiped out. “

She claimed that the remaining assets of her trust were also transferred by her father and brother after confronting the family about the alleged sale that happened without her knowledge.

To make matters worse, after Jennifer robbed her of her trust, millions of promissory notes that her father took against her trust for costs such as maintaining property “salt on the wound” by default. I rubbed it. ” He then sued her in the New Jersey Superior Court for her attorney’s fees in addition to her principal and her interest.

Part of Jennifer Alfieri's trust included a 25% stake in Half Acres LL. This is a real estate development that currently houses an estimated $ 440 million worth of Amazon and Crate & Barrel warehouses.
Part of Jennifer Alfieri’s trust included a 25% stake in Half Acre LLC. This is a real estate development that currently houses an estimated $ 440 million worth of Amazon and Crate & Barrel warehouses.
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“On October 2, 2021, Dominique notified Jennifer’s Trust of default on a promissory note of approximately $ 7 million. He was unable to pay because he had stripped the trust of his assets. I knew, “according to the court filings.

Things got ugly at home after being sued by her father and brother, an anonymous source with knowledge of the situation told the post.

“He kicked her out of the house. [canceled her] Health insurance, all because she questioned the transfer of assets. ” “They are trying to destroy her her. It’s her pure desire.”

However, Jennifer, who refused to speak to Post through a lawyer, has not withdrawn from the family’s feud and plans to fight her keen relationship in court. She either arbitrated her father’s allegations or moved to dismiss her first complaint altogether.

“The trust has provided Dominique with millions of dollars in tax incentives,” the arbitration request said.

Jennifer Alfieri has accused her father of keeping her out of trust in order to transfer her property to his only son, Michael Alfieri.
Jennifer Alfieri has accused her father of keeping her out of trust in order to transfer her property to his only son, Michael Alfieri.
Dennis Reggie

“Millionaire New Jersey real estate tycoon Dominique Alfieri and his eldest son, Michael, have colluded to rob his daughter, significantly ignoring their legal obligations,” the document said. Said.

Kirkland & Ellis Jennifer’s attorney Mark Premo Hopkins declined to comment, as did Dominique’s attorneys Levensfeld Sharon & Schwartz’s Alan M. Levensfeld.

Sources added that Dominique’s eldest daughter, Christine, was also allegedly cut off from his investment in the real estate portfolio. Christine did not return a request for comment.

Both parties are expected to attend an unscheduled case management meeting.

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