Before Allen Stanford was accused of an investment scheme that allegedly funded his billion-dollar lifestyle, he bought his daughter a $1.3 million luxury condo in Houston.
The court-appointed receiver wants to sell it and give the proceeds to Stanford's out-of-luck investors.
Randi Stanford is less-than-happy about losing her home.
AP, via the New York Times: Stanford's daughter Randi argued in court papers that she is entitled to stay in the 2,800 square foot condo because it was a gift from her father, who is accused of leading a $7 billion Ponzi scheme.
Randi Stanford said the condo is not part of the allegedly tainted assets seized by the government and accused the receiver in control of her dad's businesses of ''Gestapo-like tactics.'' ...
Janvey notified Randi Stanford in late March that he intended to sell her condo. He offered to allow her to continue living there rent free so long as she maintained it in good order. He also offered to provide three hours notice before showing the unit to prospective buyers and 30-days notice for her to remove her possessions upon selling it.
Instead, she declined to cooperate and does not recognize Janvey's authority over the condo, the receiver said.
Texas law considers something a gift if the gift giver relinquishes all dominion and control over the property. Unfortunately for Randi Stanford, the article said her father is the sole member of the LLC that owns the condo.
But, should the judge rule she has to relinquish it, she will be able to recover from the sell proceeds improvements she independently made -- including the $113,000 in upkeep payments she said she made.
The Associated Press is reporting that Stanford's daughter may face contempt of court charges in Dallas.
Judge David C. Godbey on Wednesday ordered Randi Stanford to appear in court later this month. She is apparently enmeshed in a legal battle to keep her Houston condominium.
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