http://paloaltoonline.com/square/print/2014/05/13/zuckerberg-sued-for-fraud-in-palo-alto-real-estate-deal


Town Square

Zuckerberg sued for fraud in Palo Alto real estate deal

Original post made on May 13, 2014

A Palo Alto real estate developer is suing Facebook CEO Mark Zuckerberg alleging fraud in a deal that allegedly included promises for business introductions in exchange for selling the property to Zuckerberg at a deep discount, according to a lawsuit filed in Santa Clara County Superior Court.

Read the full story here Web Link posted Tuesday, May 13, 2014, 9:57 AM

Comments

Posted by Hulkamania, a resident of Duveneck/St. Francis
on May 13, 2014 at 11:00 am

Oral agreement? Sucker.


Posted by Aquamarine, a resident of Stanford
on May 13, 2014 at 12:10 pm

Is this person the reason MZ bought the surrounding properties and rented them back to the owners, the one who was going to make millions off of MZ's name by advertising MZ's place was nearby?


Posted by Disgusted, a resident of Community Center
on May 13, 2014 at 12:16 pm

Billionaire problems. Meanwhile, others in Palo Alto are wondering if they can afford to keep a roof over their heads.


Posted by palo alto resident, a resident of Embarcadero Oaks/Leland
on May 13, 2014 at 12:48 pm

Zillow shows this property as being sold for $4.8 on 12/12/12. Not $1.7 million. County tax records reflect the same purchase price/assessed value.

Web Link


Posted by Denins, a resident of Palo Verde
on May 13, 2014 at 12:54 pm

So MC valued the "introductions" as worth at least $2.6 million and did not get it in the contract? Just not good business. A deal is a deal. Tough.


Posted by Raymond, a resident of East Palo Alto
on May 13, 2014 at 1:00 pm

Thank you Disgusted. Palo Alto has a Homelessness problem which will not be solved by allowing Billionaires to own adjacent properties so they can avoid having neighbors.

Why not create a Homeless shelter right on Zuckerbergs front lawn?


Posted by wondering, a resident of Another Palo Alto neighborhood
on May 13, 2014 at 1:08 pm

Does the word extortion come to mind?


Posted by Roger, a resident of Evergreen Park
on May 13, 2014 at 1:10 pm

Raymond, honestly, if you have the money to buy property you do it, its legal, Sounds to me like all you are is jealous.
Honestly I am too but c'est la vie.


Posted by Berry, a resident of College Terrace
on May 13, 2014 at 1:31 pm

Sounds like Mircea Voskerician got a dose of developer sour grapes medicine. Props to MZ. The developer was a greedy scrooge and got what they deserved. Buying a home near a (celebrity)just to exploit the property for being next to said famous neighbor? What a piece of work. Google the name Mircea Voskerician and take a look at all the bad activities coming from this developer NAME. And the city of PA has considered interviewing Mircea for the Planning and Transportation Commission!!!!

Web Link

BWWAAAHAHAHAHAHHAHHA.

Down with Voskerician development.


Posted by resident, a resident of Community Center
on May 13, 2014 at 1:34 pm



A Google search has the same developer Mircea Voskerician, as an applicant for the Palo Alto Planning and Transportation commission, and in driveway controversy in Menlo Park.


Posted by Cid Young, a resident of another community
on May 13, 2014 at 1:39 pm

He must not have made it a sale contingency. Get it in writung in the contract, or at a minimum in a side-contract, first. Although, as a condition of sale, perhaps it could have been considered taxable "boot", if tgere was a 1031 Exchange involved. Hmmmm. Billionaires area weird lot.

Martin's Beach Atherton owner, former co-founder of Sun Microsystems, Vinod Khosla : Web Link


Posted by Harumpph, a resident of Menlo Park
on May 13, 2014 at 1:49 pm

This is the same developer who ran into problems in Menlo Park on Santa Cruz Avenue / Louise Street with Sam Sinnott as his partner.


Posted by Hmmm, a resident of East Palo Alto
on May 13, 2014 at 2:08 pm

Hmmm is a registered user.

You can't house the homeless on Zuck's front lawn, unless they can get in through his gate.

Mircea is pissing and moaning all over the place. Dude, you've been had - deal with it.


Posted by palo alto resident, a resident of Embarcadero Oaks/Leland
on May 13, 2014 at 2:18 pm

I don't think he's been had, I think he is simply not telling the truth. Public records show that the house he claims Zuckerberg purchased for $1.7 million was actually purchased for $4.8 million. I think he is simply pissed that the houses on either side of him sold for $14 and $14.5 million, I would assume to Zuckerberg.


Posted by TrulliaFan, a resident of Charleston Meadows
on May 13, 2014 at 3:11 pm

Sounds to me as though Voskerician is attempting an old fashioned shakedown of Zuckerberg, using the courts as his enforcer. We don't know all the facts in the case [portion removed.]


Posted by DUH, a resident of College Terrace
on May 13, 2014 at 3:15 pm

That is why he created facebook...Got to facebook for referrals just like the rest of us...


Posted by Sam, a resident of College Terrace
on May 13, 2014 at 3:45 pm

Whoever blinks first loses.


Posted by legality?, a resident of Downtown North
on May 13, 2014 at 4:56 pm

Is this billionaire barter economy even legal? Sounds to me like they are trying to evade legitimate property and sales taxes with off-the-book price discounts.


Posted by palo alto resident, a resident of Embarcadero Oaks/Leland
on May 13, 2014 at 7:12 pm

@legality - the property is being taxed at a assessed value of $4.8 million. Not the $1.7 million claimed in the lawsuit.


Posted by Estupido, a resident of Palo Alto Hills
on May 14, 2014 at 9:52 am

This is just a developer being resentful and stupid.

More fraudulent and lawsuit-worthy was when Zuck promised his employees a minimum amount of money when FB went public. That is against the law and SEC regulations, yet he got away with that!


Posted by fool, a resident of Community Center
on May 14, 2014 at 10:10 am

A known fact.. whoever sold house years ago in PA are under-price. His house is no exceptional but he makes himself popular now!


Posted by social network, a resident of Community Center
on May 14, 2014 at 10:21 am

[Post removed.]


Posted by Darum Darum, a resident of Crescent Park
on May 14, 2014 at 11:38 am

@palo alto resident:

RTFA

You appear to be very confused. Zuck did not pay $1.7M for the property.
He paid $1.7M to get Mircea Voskerician (who was already in contract) to release it so Zuck could buy it for himself.


Posted by JustMe, a resident of Duveneck/St. Francis
on May 14, 2014 at 11:52 am

"Mircea is pissing and moaning all over the place. Dude, you've been had - deal with it. "

That's not the way I read this. It looks to me like he tried to capitalize in a rather scummy way off MZ, and MZ paid big bucks to stop the scheme. Not the guy is complaining and looking for a way to extort more money from MZ. He needs to just crawl back under his rock and find an more honorable way to make a living.


Posted by C Marg, a resident of Professorville
on May 15, 2014 at 11:56 am

Sounds like Developer Mircea Voskerician just lost any chance of anyone using him in the future.

So sad that someone can be so focused on money versus what is right.
Good luck Voskerician finding a new career. Realize that actions always speak louder than words. Had he just done outstanding work, people notice and want to use the same contractor.


Posted by ReallyDisgusted, a resident of Menlo Park
on May 21, 2014 at 1:45 pm

Voskerician and Sinnott used the same tactics in Menlo Park. Whenever they lose out on a real estate deal, they threaten to sue. Most people don't have their resources so they cave. It's an invidious and ultimately frivolous use of the court system.


Posted by John J, a resident of Palo Alto Hills
on Jun 9, 2014 at 11:16 am

Zuck did not pay $1.7M for the property, Zuck paid $1.7M to Voskerician to buy the contract. Zuck paid $4.8M to the property owner which is the cost of the property. Basically, Voskerician made $1.7M by doing nothing but greedy, wants more so suing Zuck for more. Hope Voskerician got nothing, greedy!


Posted by sour grapes, a resident of Embarcadero Oaks/Leland
on Jun 9, 2014 at 11:24 am

Voskerician is just mad some other houses that Zuckerberg bought went for $14 million plus.