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uxury developer Greg Malin of Troon Pacific is accused by investors of hiding assets to avoid a $50 million settlement. A new lawsuit claims that in August 2020, knowing he faced a legal battle, Malin transferred his $15 million home into an irrevocable trust in the names of his sons. The transfer also included a Range Rover and a Tesla, as well as a large art collection featuring works by notable artists.

    The investors allege that Malin's actions were a deliberate attempt to shield his assets from creditors. An arbitrator had previously ruled in favor of investors in four Malin projects, ordering the owner and his firm to pay over $50 million in damages and fees based on allegations of self-dealing, fraud, and embezzlement.

    The lawsuit claims that Malin continued to represent to banks and lenders that he had a net worth between $40 million and $50 million, despite transferring his assets to the trust. However, after being ordered to pay the $50 million judgment, Malin claimed under oath that he was effectively destitute with limited assets.

    Malin's sons are listed as beneficiaries of the trusts holding the transferred assets, but they were not named in the arbitration and were not subject to the award. The lawsuit comes five months after an arbitrator ordered Troon Pacific to pay investors who backed four luxury projects, which were later found to have been squandered through self-dealing, fraud, and embezzlement. Malin and Troon have denied wrongdoing.