Crypto Pioneer Brock Pierce Faces Legal Dispute Over Puerto Rico Resort

According to Bloomberg, crypto pioneer and former Disney star Brock Pierce is facing a legal dispute over a resort in Puerto Rico. Pierce, who co-founded the cryptocurrency Tether and moved to Puerto Rico in 2017, lost the property in November, sparking a legal battle with the new owners who claim the transfer was legal and call his allegations baseless. Since moving to Puerto Rico, firms linked to Pierce have purchased at least six properties around the island for about $35 million, including a 124-year-old masonic lodge in Old San Juan that serves as his headquarters. With the Vieques resort purchase, Pierce aimed to restart a major economic engine for the local economy. Pierce is accusing former family friend Joseph Lipsey III of sabotaging his plans for the Vieques resort. In a December 19 complaint, Pierce alleges Lipsey offered him a $10 million line of credit to buy the outstanding stake in the resort, but then seized the entire property as collateral after Pierce missed a deadline to complete the transaction. Pierce is seeking $80 million in damages and for the courts to reverse the transfer to VRRRF, a company where Lipsey is CEO. Pierce's other Puerto Rico properties include a historic building in Old San Juan and a nearby digital-art gallery. He also owns real estate in the wealthy enclave of Dorado. He attributes the pandemic for delaying his search for permanent tenants for some of his properties and says the legal troubles in Vieques derailed plans to announce the reopening of the resort.