Kazakh President’s Brother Sues Developer

     MIAMI (CN) – The brother of the president of Kazakhstan claims in court that a Miami Beach developer misrepresented a condo unit and refuses to return his $1.3 million deposit.



     Bolat Nazarbaev sued 9701 Collins Avenue LLC and Chicago Title Insurance Co. in Miami-Dade County Court, alleging breach of contract.
     Nazarbaev, whose brother Nursultan Nazarbaev has been president of Kazakhstan since it became independent from the old Soviet Union in 1991, claims he put $1.3 million in escrow to buy a condo unit before the building was constructed.
     “In accordance with the terms of the agreement, the buyer deposited $1,249,580.00 with the escrow agent in connection with the purchase of Unit 2600,” the complaint states.
     “Because St. Regis is on the ocean, a major selling point of the condominium was the ‘expansive balconies with ocean and bay views’ which condominium documents, brochures and other advertising indicated would be private balconies for the exclusive use of the unit owners.”
     However, Nazarbaev says: “The private balconies that were such an important selling feature and would be an outdoor ‘living room’ for prospective purchasers, were not private at all.
     “The privacy of the balcony is particularly important for the buyer in this case. Bolat Nazarbaev is the brother of the President of Kazakhstan. A private balcony is necessary for security reasons.
     “However, as finally revealed In the last set of condominium amendments, the balconies were intended to be part of the hotel and not privately owned balconies belonging to the unit owners They were not designed to be a ‘living room,’ but rather a public space.”
     The size of the unit, lobbies, swimming pools and fitness center were significantly reduced and maintenance fees were significantly increased, Nazarbaev claims.
     He says he requested termination of the purchase agreement due to misrepresentations, but the developer refuses to return his deposit. He wants his money back, and costs and attorney’s fees.
     He is represented by Gary Phillips, of Phillips, Cantor & Shalek, in Hollywood, Fla.
     Nursultan Nazarbaev was re-elected in April 2011 to a fifth 5-year term, allegedly with 95.5 percent of the vote. He has been widely accused of corruption while leading his oil-rich state, and is believed to have socked away more than $1 billion.

%d bloggers like this: