The Real Deal New York

Hirschfeld Properties CEO accused of swindling $300M from late father’s estate

Suit brought against Elie Hirschfeld by sister Rachel alleges intimidation, abuse

January 24, 2013 09:30AM

Elie Hirschfeld

The daughter of Hirschfeld Properties founder, Abe Hirschfeld, sued her brother Elie Hirschfeld, for fraud, alleging that Elie, the current president of the property group, took advantage of their late father’s ailing health and cheated his estate out of more than $300 million, the New York Daily News reported.

In court papers filed with the Manhattan Supreme Court and seen by the Daily News, Rachel Hirschfeld also accused Elie of physically abusing their father and forcing him to sign over many valuable properties. In some cases, the suit alleges, Elie forged his father’s signature “on numerous transfer documents, thereby transferring assets and interests valued in excess of $300 million to himself, to the point where (the) father, whose net worth had been in excess of $1.5 billion, died in debt, and (Elie’s) net worth is now more than $1 billion,” the filing claims.

Abe Hirschfeld made hundreds of millions of dollars as a pioneer of the city’s open-air parking lots. Elie, who worked with his father for over 20 years, is a fitness enthusiast, and in August participated in New York City’s inaugural Ironman competition, as The Real Deal previously reported.

Elie’s lawyer, Ronald Fischler, told the Daily News that Rachel’s principal fraud claims had previously been rejected by a state judge. “We are confident they will be found to lack merit again,” Fischler said. [NYDN]Hiten Samtani

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