Calvin Harris is suing his financial advisor, claiming he stole tens of millions of dollars in an investment project gone wrong.
Keep reading to find out more…
The 41-year-old DJ and producer is claiming that his adviser, Thomas St. John, pushed him to invest in CMNTY Culture Campus, a Hollywood project meant to feature “recording studios, office space and artists’ lounges,” per Variety.
Calvin claims he was given little information about the deal and was asked to sign documents blindly, making a $10 million loan and a $12.5 million equity investment.
He says he never saw where the money went, and that the adviser put $11.7 million into a company he controls.
“To this day, Claimants do not know where Claimants’ investment has gone or what it has been used for. In any event, Respondents had no intention of Mr. Wiles [Calvin] actually receiving back the full value of his investment, through distributions or otherwise,” the complaint reads, per Variety, going on to say the investment “has been, at best, a complete boondoggle, and, at worst, a complete fraud.”
The adviser is now denying any wrongdoing, and says that the investment shifted due to “market dynamics,” becoming a 750-apartment complex residential project, and remains a viable opportunity.
“Unhappy with the pace of the project, he chose to pursue private arbitration to assert his discontent. It’s no secret that due to interest rates and other market factors real estate projects are taking longer to build. But the development is very much viable and expected to have a $900+ million valuation when completed. Mr. St. John denies any wrongdoing,” the adviser’s attorney told Variety.
Calvin is seeking repayment, alleging the $10 million loan was supposed to be paid back earlier this year, and filed for arbitration, claiming the project is collapsing financially.
Calvin is one of the richest DJs in the world – find out his net worth.
Source: justjared.com