Phoenix Colvard, a local company owed by Eric and Jocelyn Hunter, claims in a complaint filed in Ashe County court that it hired Sheldon Good to market 477 acres of local property, called Phoenix Mountain. In a widely distributed news release, Phoenix Colvard states it was referred to Sheldon Good by JP Morgan Chase Private Client Services and paid the firm for real estate advertisements in the Wall Street Journal and New York Times.
Phoenix Colvard claims to have supporting documentation of charges for a number of ads that were never placed, adding that Sheldon Good did not respond to numerous requests for tear sheets over a nine-month period. The company's release refers to Sheldon Good as the "largest Wall Street Journal real estate advertiser."
Norman Berger, a Chicago attorney representing Sheldon Good, says the company submitted every element of the marketing program for the Phoenix Mountain auction to the seller for review and supplied status reports as the ads were published. He adds that Sheldon Good satisfactorily handled the sale of the Jefferson property three years ago, but only last week did Phoenix Colvard request ad tear sheets.
"Their charges are categorically denied and completely baseless," Berger tells GlobeSt.com. He says Sheldon Good will vigorously defend the lawsuit filed last Friday, adding that Phoenix Colvard's principals "will be held accountable for it."
In its press release, Phoenix Colvard identifies John A. McAllister Jr., a property broker from Columbia, SC, as representing Sheldon Good in the North Carolina property deal. McAllister tells GlobeSt.com that he performed all duties and responsibilities to the satisfaction of both parties. "It's just a curious situation," he adds.
Andrew Miller, vice president of New York-based Miller Advertising, says the ads in question did in fact appear in both papers and that tear sheets are available in both hard copy and electronic form. "We have in our possession all of the supporting documents necessary not only to challenge the Phoenix Colvard allegation, but to reflect our flawless stewardship of this account," Miller said in a prepared statement.
Efforts to reach Phoenix Colvard by telephone have been unsuccessful this week.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
