A land development dispute has escalated into...
A land development dispute has escalated into a $1.1-million lawsuit filed by Michael Jordan of the Chicago Bulls, James Worthy of the Lakers and tennis coach Arthur Ashe, among others.
The suit charges the law firm of Holland & Knight with professional malpractice for allegedly mishandling $1.1 million the athletes raised to develop Terra Ceia Isles, a 1,700-acre tract of land in Manatee County, Fla.
The athletes formed Terra Ceia Investors in 1984 at the urging of the late John Bassett, former owner of the Tampa Bay Bandits.
Bassett hired the firm to hold the investment, pending the execution of the contract between TCI and himself, according to the lawsuit, filed in Hillsborough Circuit Court in Tampa. Instead, the lawsuit charges, the money was deposited in an account inaccessible to TCI investors and in the name of John F. Bassett Enterprises Inc.
Meanwhile, the law firm organized its own separate corporation to buy the land and borrowed $20 million. A bank later foreclosed on the property.
Also plaintiffs are Laker Assistant General Manager Mitch Kupchak, New Jersey Net forward Buck Williams and tennis player Andres Gomez.
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