Introduction to the Case
The nation’s wealthiest real estate tycoon has disowned his son following accusations that the latter swindled investors out of more than $2 million with a fake business he pitched as the “ultimate man cave” for the ultra-rich. David Bren, 33, allegedly promised “The Bunker” would deliver special access to a suite of luxury vehicles including Ferraris, Bugattis and Porsches, as well as curated dining experiences and high-end wines and cigars, according to investor decks obtained by the Los Angeles Times.
The Business Pitch and Accusations
A slew of lawsuits have accused Bren of completely fabricating the business pitch, known as “the Soho House for car lovers.” Most backers alleged they lost at least six-figure sums in the supposed scam between 2020 and 2022. One investor fled California in shame, while another – who allegedly invested far more than $100,000 – was found dead in his garage hanging from a noose, according to the LA Times.
David Bren, 33, has been accused of swindling investors out of about $2 million, according to several lawsuits. Linkedin
The Father’s Response
Donald Bren, 93 – who has a $19 billion net worth and about 129 million square feet of real estate, mostly in Southern California – isn’t coming to his son’s rescue. “We do not have a personal or business relationship with this individual,” Paul Hernandez, spokesperson for Donald Bren and Irvine Company, told The Post in a cold statement.
Real estate tycoon Donald Bren has a net worth of $19 billion. Rs/ZUMA Press Wire / Shutterstock
The Business Model and Investors
Founding “Bunker” members – including “Shark Tank” star Mark Cuban, fashion designer and oil heir August Getty, Oracle’s Larry Ellison and NBA champion Kristaps Porzingis – would cough up a $14,500 monthly fee for club perks, according to a pitch cited in a lawsuit viewed by the news outlet. David planned to store a fleet of supercars in Beverly Hills – just as soon as the project’s owners completed a $90 million purchase of Mr. C’s Beverly Hills Hotel, according to an executive summary obtained by the LA Times.
The Beverly Hills hotel, formerly known as Mr. C’s Beverly Hills Hotel. Google Maps
Aftermath and Consequences
But it was all a “charade designed to lure investors…to fund his own extravagant lifestyle,” according to a lawsuit viewed by the outlet. “The Bunker does not exist. There is no ultra-high end automotive club. There are no members. The business is a mirage,” another lawsuit alleged. David Bren did not immediately respond to attempts to contact him via phone and email. Allegations that Donald Bren was an absent father arose during a trial in 2003, when his ex-girlfriend, Jennifer McKay Gold, and their two children – including David, then 11 – sued him for millions in retroactive child support.
Donald Bren’s ex-girlfriend, Jennifer McKay Gold, and David Bren in 2010. AP
He had already paid them roughly $9 million in support, his lawyer told the LA Times. A jury ultimately ruled in his favor.
The Investors’ Experience
But years later, some duped investors claimed David acted like the wealthy real estate baron was just a phone call away. “He presented like he could have picked up the phone and called his father right away,” Chris Rising, an associate of the Bren family who was roped into David’s attempts to buy Mr. C’s Hotel, told the LA Times. Other investors said he used his strained relationship with his father to garner sympathy. “He was slick. He played this, like, victim; that’s how he pulled people’s heartstrings. ‘My Dad didn’t give me nothing; I could do this, but no one believes in me,’” Mike Tran, a close friend of one investor, told the news outlet.
Conclusion
The case of David Bren and his alleged scam, "The Bunker," highlights the dangers of investment schemes and the importance of thorough research before investing. The fact that David Bren’s father, Donald Bren, has disowned him and denied any personal or business relationship with him, further emphasizes the severity of the situation. The consequences of David’s actions have been devastating, with several investors losing significant amounts of money and one even taking his own life.
FAQs
Q: Who is David Bren and what is he accused of?
A: David Bren is the son of real estate tycoon Donald Bren and is accused of swindling investors out of over $2 million with a fake business pitch called "The Bunker."
Q: What was "The Bunker" supposed to be?
A: "The Bunker" was pitched as an ultra-high-end automotive club, offering members access to luxury vehicles, curated dining experiences, and high-end wines and cigars.
Q: How did David Bren’s father respond to the accusations?
A: Donald Bren denied any personal or business relationship with his son and stated that he does not have a relationship with him.
Q: What were the consequences of David Bren’s actions?
A: Several investors lost significant amounts of money, and one investor even took his own life after losing a large sum of money.
