Randall Greene and Bella Collina management have been hit with a proposed class action lawsuit by people who bought lots there before the development went dormant.
The lawsuit alleges that the owners behind the Bella Collina company, including Dwight Schar (Washington Redskins owner), actively sought to destroy property values in order to drive out lot owners so they could repurchase the entire project at super-low prices.
DCS company bought Bella Collina lots, the Nick Faldo-designed golf course and the clubhouse in 2012 for just $10 million. Rough math can yield a lot deal value of $5,000. If so, Bella Collina lot owners have lost hundreds of thousands of Dollars in value.
They argue that the developers should have turned the Property Owners Association over to the individual owners more than 10 years ago.
“The Defendants illegally usurped control of the POA. The POA, without member authorization, then filed 400 fraudulent lawsuits for the collection of invalid special assessments, which coerced lot owners to surrender their lots,” the lawsuit says.
A response from the developers filed in court says it’s all just sour grapes.
Racketeering is defined as: dishonest and fraudulent business dealings
The lawsuit alleges that the owners behind the Bella Collina company, including Dwight Schar, actively sought to destroy property values in order to drive out lot owners so they could repurchase the entire project at super low prices.