Group 1 is suing Prestige Imports of North Miami Beach after Prestige backed out of a $72 million deal to sell the Houston-based group an Audi store and nearby piece of land in North Miami Beach. It is the first time Group 1 has ever sued a seller, says Group 1’s attorney.
Meanwhile, Prestige claims that the value of the store was understated by some $10 million because the income used to calculate the selling price was understated by $1 million. That would put the price Prestige wants for the store at $82 million or more.
It was one of the top 10 Audi stores in the U.S., according to the report. Still, that’s a lot of money for one store and some land.