Trustee wants to liquidate Day home against wishes of heirs
FOR IMMEDIATE RELEASE
MALIBU, Calif. (October 10, 2022) – Multiple legal petitions have been filed in an ongoing dispute between the heirs of the founders of the JAFRA Cosmetics fortune and accountant Jason Rubin, the trustee of two key family trusts. At the heart of the dispute is a historic Malibu home, originally purchased by Jan and Frank Day, the founders of JAFRA Cosmetics, a global cosmetics brand that is now part of Betterware de México. The family has for years asserted that the Days’ original intention was to have the house pass to their only daughter, Janna. The filings allege that the trustee, Rubin, wants to sell the home against the wishes of the family. The legal action is being brought against Rubin by Janna Day and her daughter, Estel Day, who are represented by the Law Office of David R. Akin.
According to legal filings, the historic Malibu property, located at 22223 Carbon Mesa Rd, should have been transferred to Janna Day on her 60th birthday, back in November of 2013. Even though this transfer never occurred due to disputed changes within existing family trusts, the heirs had hoped to work with Rubin to renovate and rent the home, turning it into an income-producing property that would stay within the family.
According to filings, recent efforts to renovate the property have failed due to the inaction of the trustee Rubin, who oversaw efforts to take out a loan against the home but did not use all of the proceeds to pay for agreed-upon renovations. According to legal petitions, the trustee has expended more than $100,000 in administrative fees and costs each year since 2017 but now wants to sell one of the only remaining assets in the trust.
The family alleges that Rubin has “basically been derelict in his duty to make the Malibu property income producing” and that he “reneged on his promise to make the necessary repairs and spent far less than the anticipated $400,000, which currently leaves the Malibu property with an estimated $100,00 – $200,000 in repairs required before it can be rented to a residential tenant.”
In filings, the family states that the trustee appears to have entirely abdicated his duty to generate income for the beneficiaries. All the beneficiaries of the family trust object to the sale of the property, which they believe is an integral part of the family legacy and the most significant asset of the trust.
The family is asking Los Angeles Superior Court to transfer the property to Janna Day and surcharge Rubin “for the damage to the beneficiaries of the Day Trust caused by his breach of duty and failure to follow the terms of the trust instrument,” among other forms of legal relief.
According to the petitions, not only is the property viewed as a key financial asset but it also has a significant legacy value for the family and JAFRA consultants. The lawsuit can be downloaded here and at LawsuitPressRelease.com.
Contact: John P. David
Source: Law Office of David R. Akin