A legal battle has emerged over the profits from the $71.5 million sale of a Miami apartment complex, following the death of developer Sergio Pino, according to a March 30 complaint filed in Miami-Dade Circuit Court.
The dispute centers on whether Jacqueline Pino Wechsler, Pino’s daughter from his first marriage, is entitled to a share of the proceeds from the sale of 850 Living, a 230-unit project at 811 Northwest 43rd Avenue. Nancy Pastor, who was Pino’s longtime mistress and now manages Century Gables View Multifamily, is seeking to block Wechsler from receiving any portion based on what she alleges is an invalid profit-sharing agreement.
Century Gables View sold the property last March to Ivan Herrera’s family office. Five months later, representatives for Pino’s estate reached a settlement allocating half of the sale proceeds to Wechsler, with other portions going to Tatiana Pino—Pino’s estranged second wife—and other children. However, Pastor claims that no corroborating evidence exists for Wechsler’s alleged entitlement and has asked for court intervention regarding the enforceability of a purported 2014 profit-sharing agreement submitted by Century Marketplace.
“At this time, my client will let a court decide if the agreement is enforceable, and if it is, how the [profit-sharing] formula is calculated,” said Michael Schlesinger, attorney for Century Gables View.
Attorneys representing Wechsler and Tatiana Pino have dismissed Pastor’s allegations. Glen Waldman, who represents Tatiana Pino said: “Sergio Pino did some things before he died that will not hold up in court, including the instruments he used to give Nancy Pastor the rights to manage and reap profits of certain assets Century owned. We have serious concerns about the way [Pastor] is managing those assets.”
The case adds another layer to ongoing disputes involving trusts and leases benefiting Pastor tied to other properties developed by Century Homebuilders Group. As proceedings continue in court over both asset management and profit distribution agreements related to Sergio Pino’s estate holdings in South Florida real estate are likely remain under scrutiny.
