Landmark Recovery is being sued again. In May 2022, Landmark Recovery agreed to purchase a property in Iowa for $1.25 million. The closing was slated for October 19, 2022. Landmark claimed they did not need financing and that there would be no delays.
The occupants vacated the building and relocated the residents to other facilities, allowing Landmark to take immediate possession of the property.
The lawsuit claims that Landmark emailed the owner three hours before closing to back out. The owners were unable to satisfy their obligations to the bank, and the property was foreclosed on. The property was sold through a sheriff’s sale for an amount lower than what Landmark had agreed to pay.
When the previous owner reached out to Landmark to recoup the money, Landmark told them it needed to go through arbitration. Landmark never showed up for the arbitration proceedings.
The lawsuit is seeking unspecified damages for fraudulent misrepresentation, negligent misrepresentation, and breach of contract. The previous owner is suing Landmark Recovery of Louisville and not Landmark Recovery.
The Shellsburg community dodged a bullet here, as did the Shellsburg Elementary School. Landmark would have been next door to the school and residential home.
Landmark had registered the LLC on August 9th, 2022. I was never made aware of this facility’s preparation to open, and the address was never added to the website.
