In “Mamma Mia,” Donna complains, “Somebody up there has got it in for me. I bet it’s my mother.” Jason Ader can relate.
The chief executive of the SpringOwl Asset Management hedge fund is being sued by his mother over a defaulted mortgage in the Upper East Side, the New York Post reported. The dispute spilled out into the open as Ader faces fires spanning the legal spectrum.
Last month, Ader’s octogenarian mother, Pamela, sued her son over alleged unpaid debts on a townhouse at 178 East 73rd Street in Manhattan’s Upper East Side. Ader failed to keep up on payments on a $13 million mortgage, according to the lawsuit, putting his late father’s estate on the hook for the principal and accruing interest; the home last sold for $13 million in 2010, according to Zillow. It’s unclear why Ader took out money on his father’s home.
Jason’s mother only learned of the unpaid mortgage when she was contacted by Bank of America, according to the lawsuit. Pamela claimed she told Jason to address the debts, but was told in response that he didn’t have the money to meet the obligations.
This led to discussions about selling the swanky townhouse, according to the lawsuit. But after Pamela’s legal team drew up a plan to sell the place, Jason allegedly refused to execute.
Neither party in the suit commented on the case.
There’s previously been tension between mother and son. In a fraud case brought last fall against both Jason and Pamela, there were allegations that Pamela hired lawyers in an attempt to rid herself of a $16 million stake in her son’s hedge fund. The case, which revolves around a claim that Jason scammed an investor out of $25 million, remains ongoing.
Ader, who also owns a $6 million condo in Miami’s One Thousand Museum, is facing accusations of fraud and misconduct from his investors. An anonymous investor said there was talk behind the scenes of a potential class-action case against the hedge funder.
Ader is also battling his second wife over terms of their divorce, allegedly refusing to pay child support as agreed.
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