In his efforts to buy a Ritz-Carlton penthouse, Peter Francis Feraci won his case againt billionaire German Larrera Mota-Velasco. Mota-Velasco had a right to refusal over the penthouse within 24 hours of down payment. However, he failed to exercise that right within the time frame, yet decided that the Geraci’s should still not own the space. As a result, the dispute went to trial and Geraci originally lost.
Then, we took this case to the Illinois appellate court and ultimately the decision was overturned. Mota-Velasco’s lawyers were unsatisfied with this outcome and took the case to the Illinois Supreme Court. After a total of 18 months of legal battle, The Supreme Court decided to hear the case, which left the appellate court decision intact. Geraci was able to close on the purchase of interest to Crain’s Chicago Business.
If you have a similar dispute, contact us at (312) 223-1699.