Fredericksburg couple sue Boerne real estate broker for fraud over sale of Hill Country ranch

A Fredericksburg few has sued a Boerne serious estate broker for fraud about the sale of their Hill Region ranch.

Bruce Williams and his spouse, Linda Davis, allege the broker produced phony representations and unsuccessful to disclose content information in very last year’s sale of the approximately 2,700-acre White Cross Ranch in Kerr County to a partnership affiliated with the broker.

The pair seeks additional than $1 million in damages from real estate broker Harold “Trip” duPerier III, his brokerage, the duPerier Texas Land Male, and other entities.

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

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

“The duPerier Texas Land gentleman brokers and brokers try to be the finest specialists in the ranch profits business enterprise,” it stated Monday. “It’s regrettable the sellers are disappointed with the outcomes of their transaction.”

Williams and Davis in June 2020 signed a listing agreement with the duPerier Texas Land Male to market the ranch. The company’s web-site states its “client listing is made up of motion picture stars, CEOs, tunes stars and other influential buyers.”

The pair outlined the ranch, which they purchased in 2010, for $8 million. At least a part of the ranch has been utilized as searching grounds for indigenous wildlife and imported unique animals.

Henry McDonald, a New Mexico ranch owner, submitted an give and right after some negotiating, agreed to obtain White Cross Ranch for $7.25 million at the close of 2020.

In January 2021, Williams and Davis have been suggested that yet another customer required to invest in the ranch for the exact same selling price.

In accordance to the defendants’ reaction to the lawsuit, the acquire deal “expressly named Henry McDonald and/or his assigns as the customer.” The defendants insert that the product sales agreement did not contain a prohibition on assignments. The contract as an alternative “explicitly contemplated” that McDonald could assign his rights under the deal to any occasion.

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

Williams and Davis “became curious” about DTB and performed their own analysis, their lawsuit claims. They uncovered that duPerier was the principal of DTB. State corporate records demonstrate duPerier is the manager of DTB’s basic companion.

The defendants verified that duPerier experienced an desire in the partnership and that he was shopping for the ranch “for his household to get pleasure from,” the accommodate says. “Although plaintiffs ended up involved that this information and facts was not disclosed, dependent on the defendants’ representations, they resolved to move forward with the closing as scheduled.”

Right after the offer shut in February 2021, Williams and Davis claimed they uncovered that DTB had negotiated to purchase the assignment from McDonald for $571,500.

“Defendants failed to disclose that the precise acquire cost of the property was $7,821,500” — the unique acquire value in addition the price for the assignment, the couple’s fit states.

The illustration that duPerier acquired the ranch for his household to take pleasure in was bogus, Williams and Davis’ grievance provides. They say the “intent was to use the home for development functions and provide it for a revenue,” citing DTB’s March 2021 invest in of the 4,837-acre YO4 Ranch just to the north of White Cross Ranch.

In August, DTB offered 1,000 acres of White Cross Ranch to RRCT Ltd. of Kerrville. The couple thinks the land was offered for “a significantly increased price” than DTB purchased it from them 6 months earlier.

The pursuing month, the accommodate adds, DTB marketed the remaining around 1,700 acres of White Cross Ranch and the YO4 Ranch to Will-O Ranch LP — yet another partnership affiliated with duPerier.

At the finish of previous year, Will-O Ranch marketed the 1,700 acres and about 857 acres of the YO4 Ranch to Austin-based mostly 4B Ranch Companions LLC. Once more, Williams and Davis think the land was offered for “a significantly larger price” than what DTB acquired it for before in the yr.

“We dependable and relied on the DuPerier entities as our fiduciaries,” Williams and Davis stated in an emailed assertion. “They owed us the maximum obligations regarded in the legislation. They misled, misrepresented and unsuccessful to disclose info to us, their clients, for the sole purpose of lining their personal pockets.”

Besides the fraud declare, Williams and Davis are suing duPerier, his company and partnerships, and a person of his agents who dealt with the White Cross Ranch sale for breach of fiduciary obligation, breach of agreement and violations of the Deceptive Trade Methods Act.

The defendants say the lawsuit is “baseless.” They include in their respond to that the plaintiffs “were conscious of — and acquiesced to — many of the steps they now complain about.”

The fit initially was submitted in February in Kendall County, but was eliminated previous month to point out District Courtroom in San Antonio.

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