Florida millionaires in the Grand Harbor community are locked in a legal battle with billionaire investor Carl Icahn over control of the exclusive club. Members of the club have accused Icahn of underinvestment and mismanagement during his ownership, leading to deteriorating facilities and declining membership. After years of complaints and threats of litigation, Icahn handed over the club to its members in 2020, but lawsuits have ensued on both sides.
Despite initially giving up control of the club, Icahn is now suing the Grand Harbor community for over $30 million in assets, claiming they owe him money. In a separate lawsuit, Icahn’s subsidiary is suing nine individual club members for allegedly interfering with his ownership rights. The legal battle has escalated, with both parties gearing up for jury trials next year to settle the dispute over financial obligations.
Icahn’s involvement in the club’s operations increased in the summer of 2020 when members initiated the turnover process and threatened litigation. His net worth has significantly declined in recent years, prompting him to adopt a more aggressive approach in the legal battle with the Grand Harbor community. The members, on the other hand, have formed a united front and are determined to fight Icahn’s claims in court.
Longtime members of the Grand Harbor community have voiced dissatisfaction with Icahn’s management, citing a lack of investment in essential infrastructure upgrades. Tensions came to a head in 2020 when consultants identified millions of dollars in necessary repairs, leading to a standoff between Icahn’s management and club members. The onset of the COVID-19 pandemic further strained relations, culminating in the turnover of the club to its members for no cost.
The legal battle between Icahn and the Grand Harbor community has been costly for both parties. The community association has spent over $1.2 million in litigation costs, while Icahn’s lawsuits could potentially result in the club owing him tens of millions of dollars. With property values in South Florida soaring and the club revitalized under member ownership, the outcome of the legal dispute remains uncertain, with the possibility of Icahn reclaiming control of Grand Harbor looming large.
As the legal proceedings continue and the financial stakes remain high, the future of the Grand Harbor community hangs in the balance. The once-exclusive club now finds itself embroiled in a high-stakes legal battle with Carl Icahn, as both parties fight for control and financial compensation. With tensions running high and significant sums at stake, the outcome of the lawsuits will shape the future of this idyllic golf-and-beach paradise on Florida’s Atlantic coast.
