Kyle Richards’ husband Mauricio Umansky sued for fraud in $32m Malibu mansion deal… after home sold for DOUBLE the price one year later
- The federal suit alleges Umansky earned ‘secret profits’ from flipping the home
- He sold the mansion to a wealthy investor in 2016 for $32million
- Mauricio invested in the 15,000-square-foot home which resold for $69.9million
- Documents state the ‘case involves brazen breaches of fiduciary duties’
- The Malibu mansion is situated on a bluff above the famed Malibu Pier
He’s regularly featured on his wife’s hit show The Real Housewives of Beverly Hills.
But Mauricio Umansky is in his own real-life drama after being recently slapped with a federal lawsuit over the sale of a $32million mansion in Malibu, according to The Blast.
The 48-year-old realtor and his company The Agency are being accused of fraud by Sweetwater Malibu LLC for ‘earning secret profits’ after Umansky sold the home to a man in 2016, only to flip the home and re-sell for $69.9million one year later.
Trouble: Mauricio Umansky is in his own real-life drama as he was recently slapped with a federal lawsuit for the sale of a $32million mansion in Malibu, according to The Blast; seen with wife Kyle Richards in February
‘This case involves brazen breaches of fiduciary duties by a high-end real estate broker and his firm the Agency, who were hired to sell a multi-million-dollar Malibu estate owned by Sweetwater,’ documents said.
Mauricio was listed as the selling agent in 2015 after the 15,000-square-foot home was partially seized by the US government from Teodoro Nguema Obiang Mangue.
The son of the Equatorial Guinea president had used funds stolen from his country to purchase the home, in addition to several Ferraris and Michael Jackson memorabilia, according to The Real Deal.
Home, sweet home: The 48-year-old Realtor and his company The Agency are being accused of fraud by Sweetwater Malibu LLC for ‘earning secret profits’ after Umansky sold the home to a man in 2016, only to flip the home and re-sell for $69.9million one year later
Views: The massive estate overlooks the historic Surfrider State Beach and was featured during season 7 of Real Housewives of Beverly Hills
Umanksy reportedly sold the home to a wealthy investor named Mauricio Oberfeld for $32.5million in February 2016 and invested in the deal, before the pair flipped the house for double the profit in 2017.
Sweetwater said that Umansky received much higher side-offers and also allegedly never disclosed he had partnered with the buyer to purchase the property.
The documents list broker responsibilities and accuse Umansky and The Agency of having ‘violated virtually every one of these duties, by engaging in blatant acts of self-dealing, earning secret profits, and both failing to disclose and outright misrepresenting material facts.’
Drinks with a view: The backyard lawn was turned into a Great Gatsby-themed event for the Bravo show
‘About last night,’ Kyle captioned a photo from the event for an Instagram photo shared in 2017
Expansive: Guests were treated to valet services as they arrived at the party
A separate lawsuit filed by Western World Insurance against Mauricio and The Agency claimed he had breached contract with the purchase, and requested the court order they didn’t have to pay legal bills.
He later counter-sued and accused the company of taking sides, and Umansky filed documents on Oct. 22 revealing that he had reached a deal with the insurance company and all claims were dismissed.
The Malibu mansion is situated on a bluff above the famed Malibu Pier and has panoramic views of the Pacific Ocean.
Kyle and Mauricio hosted a Great Gatsby themed party at the compound during season 7 of the Real Housewives of Beverly Hills.
Party planner: Before the home was sold, Mauricio used the mansion as a venue
A vision: Kyle and Mauricio hosted a Great Gatsby themed party at the compound during season 7 of the Real Housewives of Beverly Hills