Brock Pierce.Photo: Nils Petter Nilsson/Ombrello/Getty
Brock Pierce, a crypto entrepreneur and former child star, says his friend “outright” stole a Puerto Rico hotel from him, and he is suing for damages, he toldThe New York Post.
“He knew the hotel was like my heart,” Pierce, also aformer presidential candidate, told the outlet. “I feel as betrayed as one can get.” Lipsey says the complaint is “baseless.”
Brock Pierce in ‘The Mighty Ducks.'.Disney
Lipsey loaned Pierce $10 million in October so he could buy out the hotel’s minority partners, per the lawsuit.
A month later, Lipsey seized the property, claiming that his former friend missed a transaction deadline, which Pierce denied toThe Post.
“He says we didn’t send him a copy of the paperwork on time,” the former child star said.
According to Pierce, the loan agreement gave Lipsey the right to manage the holding company that controls the resort if Pierce defaulted, but he ignored a 30-day legal process he was supposed to go through to transfer the property to himself.
If the legal battle goes his way, Pierce wants to continue with his plan for the hotel, opening it as soon as 2025, he toldThe Post.
“Everyone is still working on renovating the hotel. But I don’t know for how much longer,” he told the outlet, adding that “what Lipsey did is potentially fatal.”
Pierce is suing Lipsey to get the court to reverse the transfer, he toldThe Post. He is also seeking $80 million in damages from his ex-friend,Bloombergreported.
Speaking withBloomberg, Lipsey called Pierce’s allegations “baseless,” and said the property transfer was entirely legal.
Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.
The estranged pals met in Puerto Rico, where Pierce has lived since 2017 and where Lipsey relocated in 2021 with his family.
“His wife became friends with my mother before she passed away,” Pierce toldThe Post. “Joseph came to me after she died and said I promised your mom I’d be there to help you.”
source: people.com
