Facebook Inc (FB) CEO Zuckerberg Sued Over Real Estate Deal

Facebook Inc  (NASDAQ:FB) founder Mark Zuckerberg has been sued by Northern California real estate developer Mircea Voskerician over a property behind Zuckerberg’s home. Voskerician alleged that he sold his stake in a property to Zuckerberg on a promise that the Facebook founder in return would introduce the developer to other high worth individual interested in buying property.

Facebook Inc (FB) CEO Zuckerberg Sued Over Real Estate Deal

The lawsuit has been filed this month, in Santa Clara County, accusing the Facebook founder of the breach of contract, reports San Jose Mercury News.

Facebook founder got the deal at discount

Voskerician was planning to acquire a property next door to Zuckerberg’s and construct a mansion, but after knowing the plans, Facebook Inc  (NASDAQ:FB) founder paid the developer $1.7 million to pull out of the deal so that he could buy the property instead.

Patrick Gunn, attorney for Zuckerberg, terming the Voskerician’s lawsuit as merit-less told the Mercury News that Facebook founder paid Voskerician $1.7 million in exchange of property.

However, in the lawsuit, Voskerician claims that the property was worth more than $1.7 million. For the same property, Voskerician said he has been offered $4.3 million by another developer. But the developer claims that he sold the property to Zuckerberg at a discount after the Facebook Inc (NASDAQ:FB) founder made him a promise to get him more business by introducing him to other wealthy clients.

Meeting witnessed by many

“Here’s this guy who built his business on connections and relationships, and all he had to do was make some introductions, but he blew my client off,” said David Draper, an attorney for Voskerician.  The attorney said the promise to make introductions was not specifically written in the contract, but was witnessed by many people, who were present at the meeting between Zuckerberg and Voskerician.

Gunn objects to the claim made by the Voskerician, though he does not completely deny any discussion between the Facebook Inc (NASDAQ:FB) founder Zuckerberg and the developer. “The (lawsuit’s) description of the meeting that took place is unrecognizable to my client. The claim here is just merit-less, plain and simple,” he said in an interview to San Jose Mercury News.

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About the Author

Aman Jain
Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at amanjain@valuewalk.com

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