NEW ORLEANS – A minority stake holder in immovable property has filed suit against the majority stake holder to force the sides to come to an agreement on partition of the property or have the court auction the property and divide the sale price proportionally.
Annunciation Place LLC filed suit against Lloyd and Elizabeth Grober in the Orleans Parish Civil District Court on June 18.
The plaintiff claims to own a 25 percent share of a property, while the defendant owns the other 75 percent share. Annunciation Place states that the two sides cannot come to an agreement on a partition of the property. The plaintiff claims the property has a fair market value of $573,000 and would like to have the property sold for cash. Annunciation Place asserts it would like to collect its 25 percent of the proceeds from the sale of the property.
The defendant is accused of failing to come to an agreement for the partition of a property co-owned by the plaintiff and the defendant.
The plaintiff is asking the court to sell the property judicially using an auction with a minimum bid of two-thirds of the appraised value.
Annunciation Place is represented by Thomas M. Benjamin from the firm of Breazeale, Sachse & Wilson LLP in New Orleans.
The case has been assigned to Division M Judge Paulette R. Irons.
Case no. 2014-06013.