Billion-Dollar Family Feud: Haresh Jogani Ordered to Pay Rs 20,000 Crore in Landmark Property Dispute

In a landmark legal battle reminiscent of Dickensian complexity, Indian tycoon Haresh Jogani has been directed by a jury to pay a staggering Rs 20,000 crore in damages to his four brothers – Shashikant, Rajesh, Chetan, and Shailesh Jogani. The protracted five-month trial revolves around the contentious division of their Southern California property empire, encompassing approximately 17,000 apartments with a valuation in the billions.

Key Highlights of the Dispute:

1. Alleged Breach of Partnership: The trial, marked by 18 appeals and numerous judicial interventions in the Los Angeles Superior Court, centers on accusations that Haresh Jogani violated a partnership agreement with his siblings.
2. Property Ownership Percentages: The jury’s verdict delineated property ownership percentages, with Shashikant at 50%, Haresh at 24%, Rajesh at 10%, Shailesh at 9.5%, and Chetan at 6.5%. The vast property portfolio generates an annual net operating income of up to $137 million.

Insights into Haresh Jogani’s Background:

1. Diamond Business Roots: Haresh Jogani is one of five brothers who initiated their journey in the diamond business in Gujarat, later expanding their ventures across Europe, Africa, the Middle East, and North America.
2. Entry into Real Estate: Haresh’s foray into the property business began when his brother Shashikant established a property firm in California in 1969. Overcoming challenges, Haresh and his other brothers joined as partners.
3. Real Estate Expansion: Using funds from their successful diamond business, Haresh Jogani rapidly expanded his real estate business, acquiring properties in Hollywood, Westlake, Inglewood, Koreatown, Long Beach, and the San Fernando Valley. The portfolio grew from 2,600 to 16,400 units.
4. Professional Position: Haresh Jogani currently serves as the director at JK Property Inc and is based in Los Angeles, California, according to his LinkedIn profile.

The Legal Comparison: Dubbed a legal saga akin to Charles Dickens’ Bleak House, this case illuminates the complexities of familial and business ties, echoing a tale of wealth, disputes, and the intricacies of partnership agreements.