A developer on Thursday sued the founder and president of Subway restaurants for $5 billion, claiming the billionaire businessman hijacked his dreams of creating the nation's first eco-sustainable city.
Multimillionaire Anthony Pugliese filed the lawsuit in Palm Beach County Circuit Court against Fred DeLuca, alleging breach of contract, fraud, and predatory lending, among other claims.
Destiny, the new city set to be built on some 41,000 acres of overgrown brush and cattle pastures just off Florida's Turnpike about 160 miles north of Miami, was to be even larger than Disney World.
It had been Pugliese's vision since early 2000. He was looking to build a city larger than Miami, but with just about 150,000 people, a biotechnology hub, 40 miles of navigable lakes, and a sustainable energy source.
According to the complaint, DeLuca persuaded Pugliese to let him handle financing of the deal for the project that was to be valued at some $9 billion. In the process, Pugliese claims he was pushed out of most business dealings even though he remained a partner. In addition, he says DeLuca secured financing at a low interest rate only to charge Pugliese a much higher inflated rate while pocketing the remainder of the funds.
oh so funny!
Posted by: Air Jordan | 11/11/2010 at 07:43 PM