The Real Deal Miami

Las Olas heiress in legal hullabaloo

November 25, 2009 12:09PM

Barbara Wells, the granddaughter of Fort Lauderdale real estate tycoon Preston Wells, has sued former Las Olas Company president Irving Bowen, claiming he defrauded her and did not act in the best interests of the company, wasting money and “running the company into the ground.” Bowen allegedly ordered a $20 million study for an unfeasible hotel expansion; his expansion plan resulted in the eviction of popular — and paying — tenants in Las Olas, slashing the company’s revenues. Observers peg Wells’ losses at more than $100 million. Bowen was fired July 22. [Broward Bulldog]