Looks like Kyle Richards has a new reason to be thankful this holiday season! The Real Housewives of Beverly Hills star can breathe a little easier and just in time for the new season to begin. As everyone with internet access knows, Kyle’s husband, Mauricio Umansky has been embroiled in a very nasty suit regarding a real estate property in Malibu, California. Mauricio and The Agency were handling the sale of the luxury property but it quickly became quite a mess.
In 2015 Mo was hired by a company to sell the substantial property. Sweetwater Malibu, under ownership of Vice President of Equatorial Guinea, Teodoro Nguema Obiang Mangue, determined Mauricio allegedly misled them into selling the mansion. The home was seized by the government because Teodoro “allegedly used funds stolen from his home country”. The mansion was purchased by someone who flipped the property with Mauricio for a nice little chunk of change. Then the shit hit the fan and Mauricio has been in the Litigation Club with the rest of the kids ever since. Until now, that is.
Okay, a quick review. Teodoro Nguema Obiang Mangue, struck a deal with the Department of Justice in 2014 to have the sale of the massive house benefit the people of Equatorial Guinea. One year later Mauricio was hired to sell the Malibu property. By March 2019, Sweetwater Malibu alleged Mo was a sneaky snake and tricked them into selling the mansion to “adjust” his full 6 percent commission when a man named Mauricio Oberfeld bought it for $32.5 million.
The sale was approved by the United States Government, but the seller said Mauricio failed to inform him of higher side-offers prior to the sale. Additionally, Mauricio ALLEGEDLY never disclosed he had partnered with the buyer to purchase the property.
Mauricio and his new buddy flipped the house and sold it for $69.9 million a year later, at an enormous profit of $37 million. Court papers stated, “Defendants violated virtually every one of these duties, by engaging in blatant acts of self-dealing, earning secret profits, and both failing to disclose and outright misrepresenting material facts.” You won’t see that written on any The Agency napkins at the next white party.
In July 2019, Mauricio attempted to have the case dismissed but a judge felt there was enough evidence to proceed. The court also ruled that plaintiff (Sweetwater Malibu) would have to amend the complaint to include another plaintiff, Teodoro Mangue, to the lawsuit. This deal gone wrong spawned several lawsuits and multiple bottles of Excedrin, but now there is an update.
RELATED: Kyle Richards’ Husband Mauricio Umansky Hit With Another Lawsuit In Sale Of $32 Million Malibu Estate
According to new documents obtained by The Blast, Mauricio has “has reached a settlement which will end the lawsuit accusing him of fraud”. It’s a good month to get out of legal trouble apparently, unless you owe taxes. Recent legal papers show, “the parties informed the court they recently participated in a mediation before a private judge”. Mauricio informed the court that they ‘are in agreement on the principal terms of a settlement that would resolve the case’.
I know we were all preparing for the March 2020 trial. However, it has been requested the court set a hearing before the year ends in an effort of avoiding the trial with their finalized settlement. The documents state, “WHEREAS, to facilitate the resolution of the parties’ settlement and the issues with DOJ, the parties hereto agree that the trial date and discovery dates should be continued for a short period of time to enable these matters to be addressed or, if necessary, resolved by the Court.”
RELATED: Kyle Richards’ Husband Mauricio Umansky Slapped With ANOTHER Lawsuit Over Sale Of $32 Million Mansion!
Mauricio repeatedly denied all wrongdoing and said the transaction was subject to terms of a settlement agreement between the seller and the United States Government. Note to self, don’t get involved in shady government mansion sales. Despite the fact that Mo and The Agency can take a deep breath, he still faces an active case brought on by real estate agent, Aitan Segal who represented a potential buyer for the cursed home.
I’m sure Rick Hilton immediately called Mauricio to congratulate him on his success. Kim Richards is still waiting for her goddamned house to be returned… While this is a huge step in the right direction for Mauricio and The Agency, it isn’t over yet. Stay tuned.
RELATED: Kyle Richards’ Husband Mauricio Umansky Addresses Multi-Million Dollar Lawsuit; Said He “Wouldn’t Change A Thing”
TELL US- ARE YOU SURPRISED THIS CASE WAS DISMISSED? DO YOU BELIEVE MAURICIO WAS GUILTY OF FRAUD? DO YOU THINK MAURICIO HAD TO PAY A HUGE AMOUNT TO SETTLE?
[Photo Credit: Bravo]