Looks like things are getting interesting for Real Housewives of Beverly Hills star, Kyle Richards. Not only is Kyle wallowing in the success of her
highly anticipated clothing line, her husband Mauricio Umansky has some new developments to share as well. As you know, Mauricio created the incredibly fruitful real estate firm, The Agency. Mo’s company has been double-dipping in the exposure department, gaining recognition from both RHOBH and Million Dollar Listing LA.
Being well known can turn around and bite you in the backside because Mauricio has some explaining to do. Back in March of this year, Kyle’s husband had a bit of a situation. Mauricio and The Agency were sued for fraud when dealing with a massive Malibu estate. Then everything became rather muddy in the transaction. Obviously, Mo is denying any misrepresentation (don’t they all…) but the details speak for themselves. Mauricio requested to have the case dismissed but the judge was all, not so fast buddy boy. The courts ruled there was enough evidence of fraud to proceed with the case. Now Kyle is not wearing her caftans, she is hiding under them because Mauricio just got another lawsuit to add to his collection.
Let’s review, shall we! In 2016, Mauricio was selling an enormous property on the water in Malibu. The home was owned by the son of the President of Equatorial Guinea. However, this wasn’t your everyday, run of the mill home sale. The United States Government had seized the estate as an asset belonging to the President’s family after they were investigated for criminal activity. As a part of a settlement agreement, the son Teodoro Nguema Obiang Mangue, agreed to sell the property and fork over $10 million of the proceeds to a charity benefiting the people of his home country. The home was then listed for $32 million.
According to Yahoo!, A potential buyer, Sam Hakim, filed a lovely new lawsuit against
the very honest Mauricio! Sam alleges Mo chose the price knowing, “full well it was far below the property’s true market value.” In the suit, Sam claims Mo did this so he could buy it for himself on the down low and sell it for a profit at a later time. Guess what, Mauricio flipped it and then turned around and sold it for $70 million. Let me write that again, SEVENTY MILLION BIG ONES.
Then, Sam implied Mauricio wasn’t on the up and up. Sam stated he approached Mauricio to make an offer on the house for $40 million. However, he was told “not to put it in writing.” Later, Sam surmised the only reason Mauricio advised him not to
do it legally make it official was so he could buy the house for himself at the lower price. And here we were thinking PK Kemsely had a reputation!
Legal documents show the possible buyer said the “egregious breaches of duty and other despicable conduct” and lack of transparency cost him the profits that would have been generated had he received the winning bid. Dang, sounds like someone is mad… Despicable conduct is perfect for reality television!
RELATED: Kyle Richards & Real Housewives Of Beverly Hills Stars Dragged Into Mauricio Umansky’s Lawsuit
Sam also stated the lawsuit is to recoup the amount from Mauricio’s “shocking misconduct.” No word on whether or not Sam yelled, “you stole my goddamn house!” He is suing for no less than $35 million.
WELL, let’s all light a candle for Kyle and Mauricio and hope her caftan collection really takes off. I mean, if The Agency were to close, what would they do with all of those baseball caps? What would viewers do without 567 mentions of The Agency on RHOBH? Will Mauricio and Kyle be reduced to going back to the White Parties of yore? Say it isn’t so! Where is Teddi Mellencamp Arroyave’s helpful accountability advice when you need it? Stay tuned, and don’t forget what Kyle says – the truth always rises to the top. We’re counting on it.
TELL US- DO YOU BELIEVE MAURICIO IS GUILTY OF FRAUD? WILL THESE LAWSUITS DAMAGE HIS COMPANY’S REPUTATION? WAS THIS A LEGAL REAL ESTATE TRANSACTION?
[Photo Credit: Bravo]