Doug Britton thought he had the deal of a lifetime: a contract to buy 101 acres of land (in red on the map) just south of the spot in Spring where — it was rumored at the time — ExxonMobil planned to develop a new corporate campus. And it was available for cheap: just $5 million. Britton contacted two brokers at Bandier Partners to help him move on it.
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But these brokers — as well as Charter Title, among other defendants — paperworked him out of the deal, Britton claimed in a lawsuit filed late last year. First, Britton claims, Bandier’s brokers pushed him to use Charter, their company of choice. (They told Britton they had relationships with Charter brass, including Marvin Zindler, Jr.) Bandier then offered to front the earnest money in return for a 50/50 share of the property; Britton refused, but he claims that Bandier went ahead with it anyway. Still, Britton claims that he was assured Bandier and Charter were acting with his interests in mind.
Long real-estate swindle story short: the very companies he contacted to help him buy the land, he charges in the suit, bought it themselves; all Britton’s interests were transferred when the property was sold to Kenroc. Just before Christmas, a jury agreed with the thrust of his charges, awarding him $16.5 million in total damages. Since then Kenroc has listed the 101 acres near Spring Stuebner Rd. and I-45 at $28 million.
- Jury awards $16.5M in case over land purchase near Exxon Mobil campus [Houston Business Journal]
- Previously on Swamplot: Welcome to the Land of ExxonMobil: A Tour of the Company’s New North Houston Campus
Maps: Bandier Partners
This is not shocking at all, everyone in the Woodlands has known about the cutthroat backroom deals on the properties around Exxon campus for last couple of years. Rocky DelPapa has been on a land grab along 45 for many years and I think this is the first one where he lost a lawsuit. But it’s Bandier and Charter that breached their fiduciary responsibilites in this one (not the first time).
Drinks on Doug!!! See ya at OTC, pal!
i wouldn’t want to do business with anyone that has big reserves in real estate. can only imagine what angles those folks know to work and what palms they have on speed dial to grease.
that’s still about 3/4 of our city council, right?
“front running”, this is how the stock market works
Is this the free market action that ol’ R.P. talked about?
Can you say, value appreciation?
It’s disappointing to see something like this happen. A broker is supposed to help the client not hinder him and ultimately lose the deal. What a waste.
What isn’t stated is how much poor innocent Doug invested. He supposedly went to Bandier As a client but was he even in a position to purchase this land? Seems hardly likely that companies doing big business would front anything especially earnest money. There is no reason to. Sounds like they were helping Doug out and he turned around and bit them. Remember Doug don’t bite the hand that feeds you!