Simon Sarriedine, co-owner of more than 16 car dealerships, has sued the brokers and former owners who sold him an estate in the exclusive Beverly Park section of Beverly Hills at a price of $22 million.
The brokers named in the lawsuit are The Altman Brothers, stars of the reality TV show “Million Dollar Listing.” And the former owners are a Hollywood agent and his wife.
According to the complaint, Sarriedine made a deal on April 4 to acquire the house at 2505 Summitridge Drive. The next day, he received Real Estate Transfer Disclosures statements, which said the sellers were not aware of mold on the property, and neither the seller’s nor the buyer’s agents disclosed mold or other material issues with the property, the complaint alleges.
But after paying a $2.1 million deposit, Sarriedine conducted an inspection and alleges the 11,000-square-foot mansion was plagued by mold and was in a state of disrepair, according to the suit.
In the complaint, Sarriedine, co-owner and CEO of Envision Motors, alleges that there was a five-day inspection period granted, which the complaint describes as not enough time for due diligence.
Obstacles blocked a complete inspection, according to the suit. “At the time of visual inspection of the property, certain areas of the property, including the wine cellar, were locked and could not be accessed by the buyer or buyer’s agent,” the complaint states.
The complaint alleges that Sarriedine was given little time to conduct his own investigation into the state of the property. He was forced to accept the seller’s representations on the property and rely on statements made in their disclosures.
On May 31, he commissioned an inspection of the property with the seller’s knowledge.
“The inspection identified numerous safety concerns and recommended corrections that were not identified in sellers’ reports, including, but not limited to, loose electrical wiring, uncovered junction boxes, and water intrusions at multiple doors and windows,” the complaint says. “The mold/fungus investigation identified mold throughout the house, including but not limited to an active leak coming from the primary bathroom, black mold in the wine cellar and water intrusion from various doors and windows.”
On Oct. 31, Sarriedine’s attorneys at Arent Fox Schiff filed the suit in L.A. Superior Court against Josh Altman, who served as a listing agent, and Matthew Altman, who served as the buyer’s agent, and their brokerage Douglas Elliman.
The seller was Venit Living Trust. Its trustees are former Hollywood agent Adam Venit and his ex-wife Trina Venit. Adam Venit exited his job at WME Agency after he was accused of groping football star and actor Terry Crews at a party. Venit was later cleared of wrongdoing and settled with Crews, according to media reports. Adam Venit was sued for domestic violence by his former wife in 2022.
In April 2023, ownership of the house at 2505 Summitridge was transferred to Trina Venit, according to property documents.
The suit accuses the defendants of breach of implied covenant of good faith and fair dealing, negligent misrepresentation and breach of contract. It states that Sarriedine suffered harm estimated in excess of $2 million, but the amount would be established at a trial. Sarriedine also requested a cancellation of the contract to buy 2505 Summitridge.
The buyer alleges that he attempted to resolve the disputes on the property. In September, he initiated a mediation through the California Association of Realtors Real Estate Mediation Center for Consumers, but the sellers refused to participate, according to the complaint. Rather, they sent the buyer a demand to close escrow before Oct .31. Since the mediation did not go forward, Sarriedine decided to sue. The sale has not closed.
Located on more than 7.5 acres, 2505 Summitridge Drive is a nine-bedroom, 11-bath mansion, according to a description on The Altman Brothers’ website. Amenities include an infinity pool, a spa and a cold plunge pool. The mansion was constructed in 2002, according to a Redfin description.
Josh Altman declined to comment for this story. Representatives of Douglas Elliman did not respond to requests for comment. Attempts to reach Adam Venit were unsuccessful.