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Billionaire real estate developer and The Irvine Co. founder Donald Bren has reportedly cut ties with one of his sons, David Bren, following the younger Bren's legal trouble.
David Bren faced lawsuits over a $14,500-per-month membership to a high-end car subscription service that supposedly would have provided access to Ferraris, Bugattis and Porsches.
Investors allege in a lawsuit that the car club pitch was a sham to fund the younger Bren's lifestyle, the Los Angeles Times reported Monday.
“We do not have a personal or business relationship with this individual,” Paul Hernandez, a spokesperson for both the elder Bren and The Irvine Co., told the LA Times.
Donald Bren is the wealthiest real estate developer in the country, with a fortune of roughly $17.4B, Bloomberg reported in March.
David Bren has been described as “estranged” from his father. In 2010, Donald Bren won a lawsuit for retroactive child support for David and his sister Christie Bren.
At the time, an attorney for Donald Bren said the executive would pay for his adult children's educations until age 25 and that he had already provided them $9M in support.
A succession plan for leading The Irvine Co. after Donald Bren remains a secret, with the 91-year-old developer of the city of Irvine, California, maintaining an iron grip on the company's work, Bloomberg reported.
Donald Bren's wife, Brigitte, could remain involved with the company, according to Bloomberg, and sons Hunter and Cary have links to the business. However, it is unclear if they or any of the patriarch's other children are part of succession plans.
The exclusive car club, called The Bunker, was supposed to move into a property in Beverly Hills called Mr. C’s Beverly Hills Hotel. An executive summary for the venture said The Bunker's ownership was in the process of a $90M acquisition of the property.
"The Bunker does not exist,” according to one lawsuit. “There is no ultra-high end automotive club. There are no members. The business is a mirage.”
David Bren is a defendant in several state and federal lawsuits that allege he used funds from his Bunker venture to pay for personal expenses. He is also a defendant in lawsuits that claim he defaulted on lease agreements for cars, homes and office space in Los Angeles, the LA Times reported. One alleges he broke into a Beverly Hills home and stayed there without paying.
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