Grant Cardone sues stadium and Formula 1 over $750,000 stolen watch

Grant Cardone and Stephen Ross of Related (Getty; Illustration by Kevin Rebong for The Real Deal)

Grant Cardone loves his collection of Richard Mille watches. The multi-family crowdfunding investor occasionally flaunts his sparkling and ridiculously expensive wristwear to his legion of followers on TikTok, Instagram and other social media platforms.

Now Cardone is blaming billionaire developer Stephen Ross and Formula 1 for the alleged theft of one of his luxury watches.

On Oct. 10, Cardone sued Ross’ Hardrock Stadium, Formula One parent Liberty Media, Naples-based racing promoter Florida Motorsports and Cincinnati-based Whelan Event Services in Miami-Dade Circuit Court for $750 $000 in damages.

Cardone alleges unknown thieves stole a $750,000 Richard Mille watch while in a VIP area at the Miami Grand Prix, which took place in May on the grounds of Hard Rock Stadium at Miami Gardens. He claims the thieves took advantage of an alleged laxity in security.

Cardone, Liberty Media and Formula One spokespersons, and Hard Rock Stadium CEO and Chairman Tom Garfinkel did not immediately respond to requests for comment.

Hard Rock Stadium and South Florida Motorsports filed motions to dismiss the lawsuit, saying Cardone had agreed to resolve the matter through arbitration that is already underway.

Ross founded Related Companies in New York and owns the stadium and its local NFL team, the Miami Dolphins. Ross, Florida Motorsports and Formula One have teamed up to stage the Miami Grand Prix. Over the past 12 months, Ross has expanded his company’s presence in South Florida by acquiring and launching office projects in West Palm Beach and partnering with Swire to develop an office tower in Brickell City. Center in Miami.

Ross also offered to redevelop the historic Deauville Hotel in Miami Beach, but city voters rejected his plan last week.

Over the past decade, Cardone has become one of the nation’s most active multi-family project buyers. His Aventura-based company Cardone Capital relies heavily on acquisition loans and crowdfunding from regular investors. With that, he bought about $5 billion worth of apartments in five states, including Florida, according to the company’s website.

In May, Cardone Capital closed its most recent deal: the more than $100 million acquisition of a 346-unit apartment complex on the Miami River.

Cardone’s social media accounts are filled with videos of him giving investment advice and real estate market analysis; promote its businesses and its congregation, the Church of Scientology; hang out with celebrities; and bragging about how buying apartment complexes made him rich.

In a TikTok selfie video from 2020, Cardone holds up a martini glass with three of her Richard Mille watches and pretends to sip it.

@grantcardone Richard stirred #richardmillie ♬ Going Bad feat. Drake – Soft Grinder

In an Instagram clip last year, Cardone showed off six different Richard Mille watches he was considering buying, with a headline that read, “Should I spend $750,000 on this Richard Mille?”

According to the lawsuit, Cardone claims he was in the VIP Paddock Club at the Miami Grand Prix as a guest of Cushman & Wakefield. A spokesperson for the brokerage did not immediately respond to a request for comment.

Cardone rubbed shoulders with international soccer star David Beckham, NBA legend and Charlotte Hornets owner Michael Jordan, and music producer and co-owner of The Goodtime Hotel Pharell Williams, the lawsuit says.

“Attendees, including Cardone, were invited into the Paddock Club lounge and encouraged to contribute significant funds and wear the most expensive jewelry in the world under the false impression that security would be sufficient to protect safety and security. personal property of these participants. declares the lawsuit. “Yet adequate security at the Paddock Club lounge was non-existent.”

According to the lawsuit, a team of thieves who had access to the VIP areas followed Cardone, his wife Elena and a friend through the Paddock Club to the exit ramps, where they “orchestrated a massive distraction” to steal the watch from Cardone.

Comments are closed.