The HBO hit “Succession” might ring a bit too true for New Jersey’s Alfieri family.
The clan’s patriarch and his children are feuding over a real estate fortune worth hundreds of millions of dollars, the New York Post reported. The battle, now coming into public view through court filings, pits family members against each other along gender lines.
Jennifer Alfieri, 50, is accusing her father, Dominick, and brother, Michael, of gutting her trust fund, which contained a piece of the family’s property empire.
Through the trust Jennifer had a 25 percent stake in an LLC that owns 209 acres in Cranbury, New Jersey, as well as land in Florida, interests in select luxury homes and the MetroPark Hotel in Edison. The New Jersey holdings include warehouses worth $440 million, the newspaper reported.
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Things took a turn last February, however, when Dominick and Michael allegedly transferred properties in the LLC to Michael for $43 million, well below fair market value, Jennifer claimed in an arbitration demand. The father and son allegedly orchestrated transactions that handed Michael and his shell companies the LLC’s assets without paying anything, decimating Jennifer’s quarter-share.
Jennifer claims that after she confronted her brother and father about the sale, the rest of the assets in her trust were also transferred out. Then, Jennifer claims, her father defaulted on millions of promissory notes taken out against her trusts before suing her for the principal and interest, plus attorney’s fees.
According to the Post, Jennifer was also kicked out of her father’s home and cut off from her health insurance. Jennifer’s sister, Christine, was also stripped of her stake.
The family feud is headed for arbitration or court. A case management conference is expected to be the next step, though it has not been scheduled yet.
Neither the parties nor their lawyers commented.
[NYP] — Holden Walter-Warner