“Million Dollar Listing: New York” star Ryan Serhant is being accused of illegal business practices and fraud in a $1 million lawsuit.
According to court documents obtained by The Blast, Serhant’s former client, Aaron Coppelson, has filed his official lawsuit against the reality star/luxury real estate broker and the real estate company, Nest Seekers International LLC, along with financial advisor Elad Rahamim and Wells Fargo Advisors.
Coppelson says he was looking for a real estate investment back in 2015. He started working with Serhant, who he had look for a property to buy. He was flexible on the location of the potential property.
The man claims Serhant pushed hard for a Manhattan property telling Coppelson the owner was “underwater and must sell now”. He claims, “SERHANT specifically represented that the property would be worth well over $5M in a short period of time and that the property was a “gold mine”; that the seller was underwater and must sell now; that the proposed value was approximately 20% less than the comparable market; and that comparable properties were selling for square footage amounts far greater than that proposed by the subject seller. As further inducement and accompanying the sale was a lease back by the seller for a substantial monthly rent and security deposit.”
Coppelson claims he decided not to buy other properties based on Serhant’s word and purchase the NY pad.
He says later he met with the seller and “learned the true nature of the scheme he was subjected to by the defendants herein. Defendant SERHANT was what is known as a “dual agent”; an agent that “represents” both sides in a real estate purchase transaction. Plaintiff learned later that defendant paid referral fees that were never disclosed to plaintiffs.”
Coppelson claims, “All of the above misrepresentations, omissions, and/or conduct involved material facts between the parties and were unfair, illegal, false, deceptive and/or misleading.”
He is suing for in excess of $1 million dollars in damages along with seeking punitive damages.
Last month, Coppelson filed a summons with notice against Serhant and the real estate company, Nest Seekers International LLC.
The legal documents only noted that the Coppelson is suing for, “Fraud, Mistake, Breach of Contract, Uniform Commercial Code, and Unjust Enrichment.”
Serhant has been a star on “Million Dollar Listing: New York” since season one of the Bravo reality show. The reality star even got his own four-part mini-series titled “Ryan’s Wedding” which chronicled his wedding to Emily Bechrakis.
The show launched in 2012 and focuses on luxury real estate agents and the property owners they represent.
The rest of the cast includes Fredrik Eklund (who has been on with Serhant since the start), Luis Ortiz, Steve Gold and new cast mate Tyler Whitman.
Season 8 of the reality show premiered on August 1, 2019.