Real estate company

Mauricio Umansky and his real estate company hit with a lawsuit

The sale of a Malibu mansion in 2016 caused serious problems for star realtor Mauricio Umansky – this week the CEO of The Agency and real housewives husband was hit with another property lawsuit.

Teodoro Nguema Obiang, who is the current vice president of Equatorial Guinea, accuses Umansky and the Agency of tricking him into selling a Malibu mansion well below its real price. As first reported by The New York Post’s Page Six, the 15,000 square foot estate on Sweetwater Mesa Road was purchased by Mauricio Oberfeld for $32.5 million.

Mauricio Oumansky

Filed by Sweetwater Malibu LLC, the lawsuit alleges the home could have sold for up to $70 million, more than double that. Obiang had to sell the house as part of a deal with the US Department of Justice to reimburse the Equatorial Guinean government for Obiang allegedly using stolen funds. Obiang approached the Agency for the job, but claims Umansky withheld higher offers in order to conspire with Oberfeld to flip the house for $69.9 million a year after Oberfeld bought it .

“The defendants violated virtually every one of these duties, engaging in blatant acts of self-dealing, secret profiteering, and failure to disclose and outright misrepresentation of material facts,” the suit reads. , which demands compensation for damages and any money earned from the sale.

Obiang, whose father has been president of Equatorial Guinea for 40 years, also claimed Western World Insurance owed him $8 million last year. The insurance company, which Umansky had used and later turned to for protection against the suit, sued him to avoid liability in the suit. To further thicken the plot, Umansky then sued Western World Insurance before the company dropped the charges against him in October.

Umansky, who is also the husband of The Real Housewives of Beverly Hills star Kyle Richards and the Agency intend to “vigorously defend themselves in court,” an Agency spokesperson told Inman.

The company provided the following statement:

“The Agency and Mauricio Umansky have exercised the highest level of integrity and honesty in this transaction, as they do in representing each of their clients. The Agency and Mr. Umansky conducted the Sweetwater transaction under the supervision of the United States Department of Justice, as part of an agreement between the vendor and the United States government,” a spokesperson for the Agency said. Agency. “DoJ approval was required at every stage of this unique transaction. The Agency and Mr. Umansky deny Sweetwater Malibu CA, LLC’s allegations and will vigorously defend themselves against these allegations without a warrant.

Inman will continue to cover news of this trial as it unfolds. This article has been updated to include a statement from the Agency.

Email Veronika Bondarenko

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