Trump Megadonor Sued Over Real Estate Empire Sale to Japan’s SHL

Politically connected Colorado developer Larry Mizel and a longtime “sidekick” orchestrated the $4.9 billion sale of his real estate empire to Japanese homebuilding giant Sekisui House Ltd. on terms that funneled tens of millions to themselves, according to a lawsuit unsealed Wednesday.

A pension fund is challenging the transaction through shareholder litigation against an SHL affiliate, Mizel, and David Mandarich, ex-CEO of MDC Holdings Inc., the former Mizel Development Corp. They worked with a startup financial firm to cash out their “dominant” stake in the publicly traded property developer with a deal that prioritized their own retirement needs ...