May 27, 2022

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Fredericksburg couple sue Boerne true estate broker for fraud about sale of Hill Region ranch

A Fredericksburg couple has sued a Boerne serious estate broker for fraud around the sale of their Hill State ranch.

Bruce Williams and his spouse, Linda Davis, allege the broker created false representations and failed to disclose materials specifics in last year’s sale of the about 2,700-acre White Cross Ranch in Kerr County to a partnership affiliated with the broker.

The few seeks more than $1 million in damages from serious estate broker Harold “Trip” duPerier III, his brokerage, the duPerier Texas Land Person, and other entities.

The defendants have denied the allegations, calling the lawsuit an “attempted shakedown by an opportunistic pair of plaintiffs who search for in surplus of $1 million much more than the $7.25 million they have by now been compensated from the sale of the White Cross Ranch.”

In a assertion, the duPerier Texas Land Man explained it has tried using to solve the dispute “amicably and without having the value of litigation, but to no avail.”

“The duPerier Texas Land guy brokers and agents strive to be the best pros in the ranch product sales enterprise,” it stated Monday. “It’s regrettable the sellers are unhappy with the effects of their transaction.”

Williams and Davis in June 2020 signed a listing settlement with the duPerier Texas Land Gentleman to promote the ranch. The company’s website says its “client checklist consists of motion picture stars, CEOs, songs stars and other influential customers.”

The pair shown the ranch, which they purchased in 2010, for $8 million. At least a portion of the ranch has been made use of as searching grounds for native wildlife and imported unique animals.

Henry McDonald, a New Mexico ranch owner, submitted an present and following some negotiating, agreed to invest in White Cross Ranch for $7.25 million at the stop of 2020.

In January 2021, Williams and Davis ended up advised that another consumer needed to acquire the ranch for the same rate.

According to the defendants’ reaction to the lawsuit, the order contract “expressly named Henry McDonald and/or his assigns as the customer.” The defendants increase that the revenue contract did not include a prohibition on assignments. The contract as an alternative “explicitly contemplated” that McDonald could assign his rights underneath the contract to any get together.

DTB Investments L.P. stepped in as the consumer.

Williams and Davis “became curious” about DTB and performed their individual study, their lawsuit says. They learned that duPerier was the principal of DTB. Condition company data demonstrate duPerier is the supervisor of DTB’s general husband or wife.

The defendants confirmed that duPerier had an desire in the partnership and that he was acquiring the ranch “for his household to take pleasure in,” the match suggests. “Although plaintiffs were being involved that this information and facts was not disclosed, centered on the defendants’ representations, they made the decision to carry on with the closing as scheduled.”

Soon after the deal closed in February 2021, Williams and Davis reported they realized that DTB experienced negotiated to acquire the assignment from McDonald for $571,500.

“Defendants failed to disclose that the actual acquire selling price of the property was $7,821,500” — the primary acquire value moreover the rate for the assignment, the couple’s accommodate suggests.

The representation that duPerier bought the ranch for his spouse and children to delight in was bogus, Williams and Davis’ criticism provides. They say the “intent was to make use of the home for development applications and market it for a earnings,” citing DTB’s March 2021 acquire of the 4,837-acre YO4 Ranch just to the north of White Cross Ranch.

In August, DTB marketed 1,000 acres of White Cross Ranch to RRCT Ltd. of Kerrville. The pair believes the land was sold for “a considerably higher price” than DTB bought it from them 6 months before.

The next thirty day period, the suit provides, DTB bought the remaining approximately 1,700 acres of White Cross Ranch and the YO4 Ranch to Will-O Ranch LP — a different partnership affiliated with duPerier.

At the conclude of previous calendar year, Will-O Ranch offered the 1,700 acres and about 857 acres of the YO4 Ranch to Austin-centered 4B Ranch Companions LLC. Once more, Williams and Davis believe that the land was bought for “a considerably better price” than what DTB bought it for before in the yr.

“We trusted and relied on the DuPerier entities as our fiduciaries,” Williams and Davis explained in an emailed statement. “They owed us the maximum duties recognized in the law. They misled, misrepresented and unsuccessful to disclose information and facts to us, their clientele, for the sole objective of lining their own pockets.”

Other than the fraud declare, Williams and Davis are suing duPerier, his firm and partnerships, and one particular of his brokers who dealt with the White Cross Ranch sale for breach of fiduciary responsibility, breach of deal and violations of the Misleading Trade Tactics Act.

The defendants say the lawsuit is “baseless.” They insert in their remedy that the plaintiffs “were aware of — and acquiesced to — several of the actions they now complain about.”

The suit at first was submitted in February in Kendall County, but was taken out final month to condition District Court docket in San Antonio.

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