news

Jho Low agrees to commence sale of RM161m Los Angeles property

KUALA LUMPUR (May 4): Fugitive deal maker/businessman Jho Low (pictured) has said that he is aware that the owners of the Los Angeles, Oriole Drive mansion have successfully negotiated an agreement with the US government to commence a sale of the property.

“Mr Low is aware that the owners of the Oriole Drive property have successfully negotiated an agreement with the US government to commence a sale of the property in a mutual effort to preserve the property’s value while ensuring the owners’ claims are protected and may proceed in a timely fashion. 

“We look forward to the continued amicable resolution of these claims,” Low’s spokesman said in a statement issued via his attorneys.

The Los Angeles home is reported to be worth his US$39 million (RM161 million).

“These negotiated agreements stand in stark contrast to the politically motivated actions of certain regimes, which not only illegally seized assets and destroyed their value but have also shown a consistent disregard for the rule of law, democratic values and basic human rights,” added the spokesman.

Low’s family home in Tanjung Bungah Park, Penang was seized by the authorities on March 23.

Low had attacked that action, saying it was unjustified as the Tanjung Bungah home was built around 20 years ago before 1 Malaysia Development Bhd (1MDB) ever existed.

Reports earlier mentioned that Low agreed to sell his Los Angeles mansion (allegedly acquired using 1MDB funds) a target of forfeiture by the US Department of Justice (DoJ).

In a filing with the US State District Court for the Central District of California last night, it was reported that Low’s representative and the US authorities agreed to the sale.

Both parties came to the conclusion that the Oriole Drive property had to be sold “as it was falling into a state of disrepair and any future dispute will be in the form of proceeds from the sale of the property”.

SHARE
RELATED POSTS
  1. Jho Low’s name found in phone of banker handling Najib’s accounts
  2. Dr M says he has no knowledge of Jho Low's whereabouts
  3. Dr M says he has no knowledge of Jho Low's whereabouts