The sale of a home and land on Jupiter Island, Florida, listed by Glenn Goldstein of Exceptional Properties of Jupiter, has resulted in two lawsuits, according to the Palm Beach Post.
The first suit was filed by a Chicago developer, Jeff Gelman, who, upon being told by Goldstein and his partner, Gene Albarelle, that the land 504 South Beach Road was not subdividable into two lots, cancelled his contract.
The second lawsuit was filed by a buyer who was part of a group of investors in the 504 South Beach Road LC who bought the property and divided it into two lots, greatly increasing its original value. Stuart Karu of Jupiter, states in his lawsuit that Goldstein concealed Gelman's threat of a lawsuit.
Gelman, a former real estate lawyer with an MBA from University of Chicago, has asked for a lien on the property and unspecified damages and interest because after he was told the land was not subdividable, Goldstein and Arabelle bought the property themselves with the group of investors through the 504 South Beach Road LC.
Karu stated that Gelman's lawsuit created a conflict of interest for Goldstein who had listed the oceanfront home constructed at 115 South Beach Road. Karu placed the listing with another firm for $11 million and charges in his lawsuit that Goldstein continued to list it for $10 million, below the new asking price.
Pat Rioux
