Cryptocurrency entrepreneur and former child actor Brock Pierce says his friend “absolutely” stole his hotel in Puerto Rico and is suing for damages. new york post.
Chairman of the Bitcoin Foundation Mighty Ducks The 43-year-old alum told the outlet that businessman Joseph Lipsey III “concocted a fictitious default” in which he “stole” the property, a shuttered resort on the island of Vieques. post.
“He knew the hotel was like my heart. I feel betrayed,” said Pierce, a former presidential candidate. Ms Lipsey claims the complaints are “baseless”.
In 2021, the former child star reportedly paid $18.3 million for about 80% of the stake in the resort, which was damaged by Hurricane Maria four years ago. post.
Lipsey took ownership of the property last month, claiming Pierce defaulted on a loan from the company, according to the civil suit.
In October, Lipsey loaned Pierce $10 million to buy out a minority partner in the hotel, according to the complaint.
A month later, Lipsey foreclosed on the property, claiming that his former friend had passed the deal deadline, which Pierce denied. post.
“He said we didn’t send him copies of the documents on time,” the former child actor said.
Mr. Pearce said the loan agreement gave Mr. Lipsey the right to run the holding company that would manage the resort in the event of Mr. Pearce’s default, which he would have received in order to transfer the assets to him. He allegedly ignored the 30-day legal process.
If the legal battle goes well, Pierce said he hopes to move forward with plans for the hotel and open as early as 2025. post.
“Everyone is still working on renovating the hotel. But we don’t know how long that will last,” he told the outlet, adding: “What Lipsey has done is potentially deadly.” Ta.
Pearce said he is suing Lipsey in court to have the transfer canceled. post. He is also seeking $80 million in damages from his former friend. bloomberg report.
talk to bloombergLipsey called Pearce’s allegations “baseless” and said the transfer of property was completely legal.
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The estranged friends met in Puerto Rico. Pierce has lived in Puerto Rico since 2017, and Lipsey moved with her family in 2021.
“His wife became friends with my mother before she passed away,” Pierce said. post. “After she died, Joseph came to me and said he had promised to help her mother.”