Penticton mayor and businessman John Vassilaki sues family for proceeds from local restaurant and rental property – Penticton News
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Penticton mayor and local businessman John Vassilaki brought a civil action against his brother and nephews, claiming funds owed to him from their family rental property had not been paid and his role in the company had been “usurped” by “conspiracy”. . “
The family owns a building at 412 and 414 Main Street in Penticton, which houses The Cellar Wine Bar.
Vassilaki’s trial, filed Thursday in Kelowna, names his brother Nicholas Vassilakakis and the two sons of Nicholas George and Florio, as well as The Cellar, as accused. Vassilaki uses a variation of the surname Vassilakakis.
Together, Vassilaki, Florio and George own the “Greer Block”, the building that houses The Cellar on the ground floor and five residential units on the second floor. Nicholas is the owner and director of The Cellar.
According to the lawsuit, Vassilaki owns a 50% stake in the Greer block, and Florio and George own 25% each, as Nicholas transferred his stake to his sons in 2019.
Vassilaki claims the Greer Block violated the terms of their trust and lease contracts by not increasing rent each year at a fair market rate, nor by paying a proportional share for sewer and water utilities . He says The Cellar’s rent should have been increased by $ 750 per month in 2021, instead of the $ 500 it was.
He further alleges that the lease proceeds of $ 60,625 allocated to him from 2013 to 2020 were not returned to him, although he claims to have paid taxes on this amount.
He claims Greer Block earns “about $ 90,000 in rental proceeds per year,” but he has only received a total of $ 23,980 since 2013.
The lawsuit accuses Vassilaki’s nephews of influencing their father Nicholas, and claims that they “essentially usurped control of the Greer Block account and acted to ensure John is kept out of operations or any knowledge of Greer Block’s financial situation, and to further ensure that John is not receiving any rental proceeds from the Greer Block account. “
Vassilaki’s lawsuit does not name a specific amount of compensation, instead seeking “general damages” from The Cellar and Nicholas, Florio and George for “conspiracy and breach of the trust agreement and rental agreement” .
He also wants his proportional share of the rent since 2013 and punitive damages.
Vassilaki was not immediately available for comment.