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Continued: Judgment due soon in Wilf fraud case

  • Article by: COREY MITCHELL , Star Tribune
  • Last update: December 14, 2013 - 6:39 AM

This fall, Wilson found that the Wilfs shorted Halpern and Reichmann tens of millions of dollars in profits from Rachel Gardens, a 764-unit apartment complex in Montville, N.J., named for Halpern’s wife.

Halpern and Reichmann, who are siblings, placed the underpayments at $20 million and sought triple damages from the Wilfs under New Jersey’s racketeering laws, but Wilson’s judgment went beyond that. Wilson used the Wilfs’ net worth when awarding the damages.

The family has fought to keep their net worth private even as they secured public funding for the new stadium in Minneapolis.

An independent audit of their finances conducted this fall for the Minnesota Sports Facilities Authority, the panel charged operating the stadium, found that the Wilfs could cover their part of the financing, roughly $477 million.

With financing and preparation costs, the Wilfs actually will pay about $550 million, aided by revenue generated from naming rights, sponsorships, licensing fees and a $200 million loan from the National Football League.

The Wilfs did not appear in court this week, and have no plans to attend next week, Guryan said.

Corey Mitchell is a correspondent in the Star Tribune Washington bureau. Twitter: @C_C_Mitchell

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