Will Smith, who has been a generation’s favorite, just bagged a 1.5 million lawsuit settlement, in a case of assets fraud by his friend Duane Martin. Duane has reached a settlement concerning a bankruptcy fraud, accusing him of hiding assets in his bankrupt financial condition. Will Smith is finally getting his money back which he loaned him to save his assets.
According to the legal document that is framed to layout the stake of different parties involved, Duane and the trustee who is presiding over the matters of his bankruptcy have reached a consensus. The trustee has found a buyer who shall purchase for $2.45 million — and had to sign documents claiming they do not know Tisha Campbell-Martin, Jada Pinkett Smith, Will or Duane.
From the $2.45 million, Duane is be paying the $1.5 million to Will’s company, TB Properties LLC, $122,000 in back rent, $485,000 to the bankruptcy estate and $170,560 to Roxe LLC.
Duane’s home was a subject of fraud lawsuit allegations that were filed by the bankruptcy trustee against him. Will Smith had tried to help him regain his property in those tough times, but eventually, Duane had to crack a deal and sell off the property in order to sustain his life.
The trustee had alleged that Duane had purposefully created a company called Roxe LLC in order to cover up for the ownership of the mansion in question. Duane had earlier bought the mansion in 2006 for $900,000. He, then, went ahead to borrow money more than a million, so as to construct a Martin Family Home.