Maybe one day this fight over a Hamptons home will appear as a Snapple fact.
Robert Eide, CEO of Aegis Capital and a board member of Nathan’s Famous hot dogs, sued Peter Marsh, heir to the Snapple beverage throne and a real estate executive at Jemcap, Crain’s reported. The lawsuit was filed Wednesday.
The dispute centers around a home sale in Sagaponack. Eide signed a contract in September to purchase the Parsonage Lane home from Marsh for $14.5 million. He paid a $1.5 million down payment on the three-acre property, where Eide aspired to build a 14-bedroom home, pool and tennis court.
Trouble emerged when the closing was delayed, though.
In the lawsuit, Eide claimed Marsh lacked a “clean and marketable title” because a typo in the deed identified the property as 322 Parsonage Lane, when the land is actually at 332 Parsonage Lane. On Jan. 26, Eide’s attorney demanded Marsh return the deposit, along with fees.
Marsh hasn’t responded to the lawsuit, which has put the sale in limbo. The lawsuit was filed only two days before Eide was supposed to close on the home and pay the full balance.
Aegis, Eide’s firm, is an investment bank that has invested in various payment platforms, including Verb Technology.
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Marsh has also been trying to sell a house next to the property, and owns a co-op apartment on Park Avenue as well. His father, the late Leonard Marsh, sold Snapple to Quaker Oats in 1994 for $1.7 billion. The company is now owned by Keurig Dr. Pepper.
Marsh founded Jemcap with his brother in 2008. They were also behind the founding of Cogswell Realty Group in 1996.
— Holden Walter-Warner