Home Entertainment Will Smith Bags $1.5 Million In Assets Fraud Case By Friend Duane...

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Will Smith Bags $1.5 Million In Assets Fraud Case By Friend Duane Martin

Seems like Will Smith is finally getting his money back. Will’s friend Duane Martin has finally reached a settlement in the lawsuit that accused him of hiding certain assets including a home in California.

The Accusation

The bankruptcy trustee sued the Duane Martin due to his belief that he had hidden assets worth 2.6 million dollars under a company Roxe LLC. Allegedly, this company had been started by Duane to conceal the ownership of property in Chatsworth, California.

This property measures 9200 Square feet and consists of a mansion with 5 bedrooms and 6 bathrooms.

Duane had bought this house in 2006 for $900000 and later borrowed $1.9 million for the construction of The Martin Family Home.

He then defaulted his loan and later requested for a Sale from the bank in which he bought back the House using Roxe LLC. Here, he used the money loaned from Will and his wife Jada. The house was now owned by Roxe LLC and Duane and his wife entered a false lease of $5000 per month to live in the house. However, seemingly they did not make these payments.

Later in 2018, Duane tried to sell the house for over $2.5 Million dollars and if he would’ve been successful in the deal, he would have pocketed around $1.3 Million along with paying back the MI star, Will.

The Case is Settled

The lawsuit has taken the house under its control and now will be used to benefit Duane’s creditors including Smith. As per the settlement, Duane has agreed to sell off the house for $2.45 Million to a buyer who has signed papers claiming that he doesn’t know Duane, his wife or Will Smith. Out of these $2.45, Wills company TB Properties LLC will be paid $1.5 Million, $122 thousand will go to the back rent, $485 thousand will go to the bankruptcy estate and finally the last $170 thousand to Roxe LLC.

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Will Is Questioned

The court papers have revealed that Will Smith was Questioned by the Trustee. Along with this, he was also asked to submit any papers, private emails and financial records with Duane Martin regarding the Loan.

However, it has not been mentioned that he was a part of the wrongdoings or that he was aware of Martin’s conspiracy.

Well, then it seems like a happy day for the Smiths!

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