C
hicago real estate investor Gerald Nudo allegedly attempted to secretly sell his business partner Todd Bryant's stake in their joint development project, Sierra Bloom, but was thwarted at the last minute. According to a lawsuit filed by Bryant, Nudo planned to sell off Bryant's 60% share of the Scottsdale, Arizona, development site via a UCC sale on November 20. However, Bryant discovered the plan and secured a court order delaying the sale just two hours before it was set to take place.

    The dispute between Nudo and Bryant has been ongoing for years, with multiple lawsuits filed against each other and other investors. The Sierra Bloom project, which includes an 11-building medical and retail development on a 43-acre lot, remains unfinished due to the feud. Legal filings estimate that the partners have lost around $25 million so far.

    Bryant's lawsuit alleges that Nudo deliberately harmed their business prospects by thwarting multiple offers from prospective buyers and tenants. Nudo also allegedly forced Bryant to take out loans with exorbitant rates, reducing his share in the company from 60% to 45%. The lawsuit claims that Bryant's interest in the company is now worth only about 5% of its market value.

    Bryant is seeking $25 million in damages from Nudo for breach of contract, breach of fiduciary duty, and tortious interference. A hearing on the matter is scheduled for next month, with a potential sale rescheduled to December 12.