This family rivals the Roy’s for money.
Like a page from the hit HBO series Succession, a prominent billionaire New Jersey family dynasty is being pitted against one another for hundreds of millions in real estate.
In a recent court filing obtained by The Post, prominent New Jersey real estate developer Dominick Alfieri, 82, is accused of trying to foreclose his daughter Jennifer Alfieri from her share of the family fortune, and he is working with his son Michael Alfieri to do it.
Over two decades ago, Dominick provided his three children, Michael, 57, Christine, 55, and Jennifer, 50, with a percentage and member interest in his vast real estate portfolio.
Through a family trust, Jennifer received a 25% interest in Half Acre LLC, which owns 209 acres in Cranbury, New Jersey. She also received interests in 8 acres of undeveloped land in Boca Raton, Florida, 6 acres in a West Palm Beach, the MetroPark Hotel in Edison, NJ, 5 acres in Delray, Florida, as well as interests in luxury homes in the ultra-exclusive St .Jean Section of St. Barts and in Nantucket.
Even better, the value of these assets has skyrocketed over the years. The New Jersey property now contains warehouses owned by Amazon and Crate & Barrel, which court documents estimate are worth about $440 million — enough money to pit father and siblings against daughter.
“[In Feb. 2021] Dominick and Michael transferred the Half-Acre properties to Michael for the low on paper price of just $43 million — less than 10% of fair market value,” according to an arbitration complaint filed March 11 by Jennifer in New Jersey was submitted. “In reality, Michael paid nothing. Instead, Dominick and Michael used their positions as managing directors of Half Acre LLC, along with other companies they controlled, to orchestrate transactions in which Michael and his shell company acquired all of Half Acre’s properties without raising any money at all — and the 25 percent owned Jennifer’s Trust interest in Half Acre LLC has been destroyed.”
After confronting her family about the allegedly unbeknownst sale, the remaining assets of her trust were also transferred by her father and brother, she claimed.
Worse, after betraying her trust, Jennifer claims that her father “put salt in the wound” by defaulting on millions of dollars in promissory notes he had taken out against her trust for costs like property upkeep. He then sued her in the Superior Court of New Jersey for principal and interest and attorneys’ fees.
“On October 2, 2021, Dominick defaulted on Jennifer’s Trust on approximately $7 million in promissory notes — knowing that he could not pay because he had robbed the Trust of its assets,” the court filings read .
Things got ugly at home after she was sued by her father and brother, an anonymous source with knowledge of the situation told The Post.
“He kicked her out of his house [canceled her] Health insurance, everything, everything, because it challenged the transfer of assets,” the source said. “They’re trying to destroy them. It’s pure greed.”
But Jennifer, who has refused to speak to The Post through her attorney, isn’t backing down from this family feud and plans to fight her sharp-toothed relatives in court. She has moved to have her father’s claims settled or the original lawsuit dismissed altogether.
“The trusts have given Dominick millions of dollars in tax benefits,” the arbitrator’s demand reads.
“In flagrant disregard of their legal obligations, Dominick Alfieri, a billionaire New Jersey real estate mogul, and his firstborn and only son, Michael, have conspired to rob his daughter,” the document reads.
Jennifer’s attorney Mark Premo-Hopkins of Kirkland & Ellis declined comment, as did Dominick’s attorney Alan M. Lebensfeld of Lebensfeld Sharon & Schwartz.
The source added that Dominick’s eldest daughter Christine has also reportedly been cut off from her share of his real estate portfolio. Christine did not respond to a request for comment.
Both parties are expected to appear at a case management conference – which is not yet scheduled.