Agent

Real estate fiasco ensues after parcel sold twice

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

In 1986, land developer 100 Investment Limited Partnership assembled a 300-acre tract of land that it intended to develop for homes. As part of the assemblage, the developer bought a 1.1-acre parcel from sisters-in-law Frances and Mildred Miller. The developer paid more than $7 million for title insurance on the 300 acres. 100 Investment subdivided the 300 acres. The 1.1-acre Miller parcel was conveyed to home builder NVR Homes Inc. in 1995. That parcel was ultimately conveyed to three separate homeowners. Purchase Bob Bruss reports online. However, four years before 100 Investment bought the 1.1 acres, the Millers previously sold the same property in 1982 to Ahsan S. Khan, M.D. In 2001, he conveyed the same property to Meadowridge Properties, which then sold it to developer Courtyards at Timbers LLC. After 100 Investment was informed in 2001 of this double sale of the same land, it repurchased the 1.1 acres from Courtyards for $175,000, thus enabling 100 Investment to "clean up" t...