Red Door Group and Right Place Properties Sued by Investors

Investors sue New Maridale Villa Condominium, LLC, Right Place Asset Management Company, Red Door Group, Inc, Right Place Properties, Kevin D. Peck, Earl Ricker, Drew Grunwald and Rob Porter

Investors have filed a lawsuit in California Southern District Court in San Diego against New Maridale Villa Condominium, LLC, Right Place Asset Management Company, Red Door Group, Inc, Right Place Properties, Kevin D. Peck, Earl Ricker, Drew Grunwald and Rob Porter. The suit seeks $1,275,000 in damages for diverse contract issues. Red Door Group and Right Place Properties shut down operations on February 27, 2009 as a result of the downturn in the economy. "We are very saddened by the recent turn of events as our business is no longer financially viable. We are further saddened that we will no longer be able to provide affordable housing to our community" said Earl Ricker and Rob Porter. Red Door Group was the exclusive broker for Right Place Properties and marketed Right Place investment opportunities including 1031 exchange opportunities and trust deeds. Red Door identified apartment complexes suitable for conversion to condominiums and completed the condominium conversion process creating individual parcels for each unit. The units were completely renovated (interior and exterior) and made available for purchase by investors seeking to earn a hassle-free return. Each investor has legal ownership to his or her specific unit. Investor entered into a management agreement with Right Place to manage the property and to facilitate an agreement for sale with the unit occupant.