Facts

Brothers Alexios Dimitriou and Andrew Dimitriou, purchased a home together in San Francisco. After plaintiff moved to Greece in 2003, numerous loans were taken on the property. Although rents were collected, they were not accounted for. In 2015, one of the loans went into default. The property sold and $1.368 million was the remaining equity after all note holders were paid off.

The brothers also held two properties in Greece that they inherited. Although rents were collected, defendant/cross-complainant Andrew Dimitriou did not obtain any income.

PLAINTIFF'S CONTENTIONS:
Plaintiff claimed that the loans of over $400,000 taken out on the San Francisco property were used for defendant's personal purposes and should be deducted from defendant's 50 percent share of the $1.368 million. As for properties in Greece, although they generated rents, the costs that were incurred renovating them through monies put into the property by cross-defendant and his mother have not been recouped.

DEFENDANT'S CONTENTIONS:
Defendant contended that the loans taken out on the San Francisco property were all for renovations and expenses.

Defendant/cross-complainant claimed that cross-defendant was unfairly withholding rents obtained on the two properties in Greece.

Result

The parties agreed to a settlement in which of the $1.368 million, Alexios Dimitriou received $991,807 (72.5 percent) of it, with the remaining going to Andrew Dimitriou (27.5 percent). The two properties in Greece are to be sold and the proceeds split between the parties.

Other Information

FILING DATE: Nov. 26, 2014.