HomeAmericasCommunityJogani Real Estate War: Four Siblings Get $7Billion From Fifth Brother

Jogani Real Estate War: Four Siblings Get $7Billion From Fifth Brother

Jogani Real Estate War: Four Siblings Get $7Billion From Fifth Brother

Jogani Real Estate War: Four Siblings Get $7Billion From Fifth Brother

Photo Source: jkrsi.com (Left), LinkedIn. (Right)

India-West News Desk

LOS ANGELES, CA – After two decades of legal wrangling, Haresh Jogani, the defendant in a high-stakes legal battle, has been ordered by a jury to hand over $2.6 billion in cash and stakes in more than 17,000 apartments across the San Fernando Valley in Southern California to his four brothers.

The protracted legal saga involved disputes over the ownership of a vast real estate portfolio The extensive holdings include complexes in Hollywood, Westlake, Inglewood, Koreatown, Long Beach, and, prominently, the San Fernando Valley.

The conflict began in 2003 when Shashikant Jogani sued his brother Haresh, alleging a breach of an oral agreement that guaranteed a share in the portfolio for all four brothers. Multiple lawsuits followed, culminating in a five-month trial at the Los Angeles Superior Court offices.

The jury found Haresh liable for withholding stakes in the multifamily portfolio, determining that he owes a total of $2.6 billion in cash damages to three of his brothers. The portfolio, valued at more than $6 billion, was divided among the five Joganis, with each unit estimated at approximately $352,900.

Shashikant emerged with the largest share, receiving a 50 percent stake in the portfolio and $1.8 billion in damages. Chetan Jogani was awarded $299 million in damages and a 6.5 percent stake, while Rajesh received $459.8 million in damages and a 10 percent stake. The fifth brother, Shailesh, was granted a 9.5 percent stake.

The possibility of punitive damages looms, as the court is set to decide next week whether additional penalties will be imposed on top of the already awarded amounts.

The Jogani family, known as one of the largest landlords in L.A. County’s San Fernando Valley since the 1990s, controls the properties through companies headquartered in L.A., Nevada, and the British Virgin Islands. Online, Haresh has been accused by tenants of running properties infested with roaches and mold.

The legal dispute unveiled a complex family history, with Shashikant moving to the U.S. from India in 1969, initially building a successful diamond business. The Northridge earthquake aftermath in 1994 led to financial challenges, prompting Haresh to step in and expand the real estate portfolio. The alleged oral partnership agreement among the brothers, dating back over 50 years, formed the basis of the legal battle.

The five are sons of a diamond merchant from Gujarat, whose ages now range from the 50s to 70s. The LA Business Journal reported that a lot of the court proceedings require translation in Gujarati. 

Share With:
No Comments

Leave A Comment