Something tells us Will Smith and Jada Pinkett Smith probably wish they never loaned their close friend Duane Martin over a million dollars because now they are being named in his bankruptcy, this after Martin is accused of hiding millions. Read on for a full explanation.
The report says trustee alleges Duane set up Roxe LLC to allegedly conceal ownership of a 9,000 sq ft mansion in Chatsworth, California. Duane originally bought the home in 2006 for $900,000. He then borrowed $1.9 million for the purpose of constructing the “Martin family home.”
Unfortunately Duane then defaulted on his loan to negotiate a short sale with the bank, and he used Roxe to buy the home back from the bank using a $1.4 million loan from Will and Jada. Roxe LLC became the owner and Duane and Tisha allegedly entered into a lease with their own company to pay rent of $5,000 per month.
The plot thickened as they say because earlier this year, Duane listed the home for $2,695,000 with the intention of pocketing all of the sales proceeds in excess of the loan given by Will and Jada, meaning he would pocket $1.3 million if sold at asking price. (See photos of the mansion here)
Hmm, just like a lot folks are thinking, the trustee says the lease was bogus to begin with and Duane and Tisha didn’t make all the payments on the house because of the Will and Jada loan.
The bottom line is the lawsuit demands that Duane Martin be forced to turn over the home to the bankruptcy estate and used to benefit his creditors.
As reported , Tisha filed for divorce following 21-years of marriage. They share 2 kids together and she’s seeking joint custody and she wants him to pay spousal support, but Duane also wants spousal support, too.
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