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Source:
Los Angeles Times
Laguna Beach's $1.34B real estate scandal
The article details a legal battle involving Honarkar, a Laguna Beach real estate mogul, who won a $1.34 billion arbitration award after losing control of his properties, including the historic Hotel Laguna, amid a dispute with investor Mahender Makhijani. Makhijani, recently arrested for alleged bank fraud related to a $100-million loan, is accused of orchestrating a scheme involving shell companies, falsified collateral, and threats of violence to manipulate property holdings and defraud lenders. The arbitration found Makhijani's actions fraudulent, leading to the significant award in favor of Honarkar, who is now seeking to recover his properties.
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