Home TIS EXCLUSIVES Wealthy Real Estate Developer, Peter Wei Commits Suicide While Being Caught In...

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Wealthy Real Estate Developer, Peter Wei Commits Suicide While Being Caught In A Messy Family Feud

Peter Wei, an extremely wealthy developer, had killed himself just days before he was supposed to answer allegations filed by his brother. Wei was found dead on October 10th; his lawyers told a Florida court where a lawsuit was filed against him by his brother Tony, in June. The allegations were that Wei had cut his family out of the hefty profits that they received from their $22 million Manhattan high rise. The 66-year-old was supposed to file a response to the lawsuit on Monday, October the 14th. The cops of Miami had confirmed that they responded to suicide at Peter Wei’s apartment but could not identify the victim.

The Wei Family A Long “Way”

The Wei family, who was from Brazil, purchased 116 John St. in lower Manhattan in 1980 for the price of $4 million. However, in 2010, Wei partnered with Nathan Berman, who was a real estate developer. He was asked to convert the 412 unit building into rentals that would be very expensive.

Eventually, the deal paid off, by profiting out more than $9 million as an annual income. The building’s value hit the roof in 2014, reaching more than $200 million. Peter was supposed to ensure that the profits are secured and that they were contained in the family trust. The benefits were supposed to flow in the family trust that included parents Daniel and Emily and their sons, Peter and Antonio. His brother Antonio “Tony” later claimed that Peter failed to do this.

Peter Wei is accused of scamming his family members out of a sum of over $50 million. This was when his brother filed the lawsuit.

Money Causing Rich Family, Problems?

The speculation following his death is that he couldn’t generate the money that he had cheated his family on. The police are still investigating the scene and all the other aspects. Till then, it is being told that his death was an apparent suicide. Authorities are always looking for evidence that says otherwise. With a lot of money comes a lot of responsibility (and greed, and pride, and jealousy,) and it requires a lot of trust within the family.

 

Vaagisha Singh
Vaagisha Singh is a senior writer at The Innersane, where she covers media and advertising and co-hosts the Original Content podcast. Previously, She has worked as a tech writer at Adweek, a senior editor at the tech blog VentureBeat, and a local government reporter at the Pop Culture Times. She attended DU University And Loves Dogs

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