According to court documents obtained by The Blast, Luann breached a stipulation of settlement in her divorce by failing to create a trust “for the benefit of her two children.”
“This action arises from Defendant’s breach of a Stipulation of Settlement and related Judgment of Divorce by her failure to create a trust for the benefit of her children, her conversion of the trust’s corpus and her present threat to abscond with money derived from the potential sale of the trust corpus and use it to purchase, for herself alone, a luxury home in upstate New York,” the documents read.
The judgment in her divorce required Alexandre to give the deed of the former couple’s marital residence in Bridgehampton, New York, to Luann, who agreed to create a trust for her two children. Luann was also required to “fund the trust with an undivided one-half interest in and to the Marital Residence,” according to the documents.
READ COURT DOCUMENTS VIA RADAR ONLINE HERE!
Now, Alexandre, Victoria and Noel are claiming Luann “never created” the trust and instead sold the residence in November 2014 for $8 million and used the earnings to purchase a home in Southampton, New York for $3.1 million, reports PEOPLE.
According to the settlement, if the marital home was sold, “the entire net proceeds of the sale may at any time prior to the termination of the Trust, be reinvested by [Luann] to purchase another residence, provided that the children shall continue to be the owners, in Trust, of an undivided one-half interest in said property.”
According to court documents, Luann “has never, since her purchase of the Premises, created the Trust or conveyed to her children, in Trust, an undivided one-half interest in the Premises.”
Luann has threatened to sell her home “for more than fifty percent its present value and leave Suffolk County with the proceeds … so that she may purchase, for herself alone, a luxury home in upstate New York,” according to documents.
Alexandre, Victoria and Noel are seeking for Luann to abide by the judgment and to prevent her from listing or selling the home.
Source/Photo Credit: PEOPLE, Google Images
