Eagle Nest Investments, LLC v. Spencer (Pavilion Park Below-Market Land Sale & Breach of Fiduciary Duty Trial)
Minority owners of Pavilion Park LC, a West Des Moines-area development entity, allege that manager William Spencer and his affiliated entities TJK Investments LC and Landmark Brokerage Inc. arranged to sell two Pavilion Park parcels to another Spencer-controlled entity, Wendover Reserve LLC, at prices well below fair market value and over the minority owners' objection. The bench trial concluded in early September 2026 in Iowa District Court for Polk County, with post-trial briefs due October 9, 2026.
Why it matters
Illustrates the fiduciary-duty exposure a managing member of a closely held real estate LLC faces when selling jointly owned land to an entity that member also controls, and shows minority owners using a breach-of-duty and civil-conspiracy theory, rather than a simple valuation dispute, to challenge an insider transaction after the fact.
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