Embattled Florida developer Rishi Kapoor and his former real estate firm Location Ventures have been hit with yet another lawsuit.
The most recent lawsuit alleges that the Florida residential developer backed out of an agreement, keeping a nearly $800,000 deposit for a condominium unit but selling that unit to someone else instead, the Miami Herald reported.
In early 2020, the embroiled developer approached Juan Gronlier, an owner of a tile company, about the purchase of a $2 million apartment in his luxury condo, Villa Valencia, planned for Coral Gables. The presale would assist Kapoor in obtaining financing for the project.
In an agreement, Kapoor said Gronlier could decide to keep or sell the unit, and keep the profits, at any time. The agreement also stated that Kapoor would pay Gronlier back his $792,000 deposit on the unit or provide him with a 7.9% equity stake in Villa Valencia.
