LAFAYETTE PARISH, La. (KLFY) – Lafayette Consolidated Government is filing a lawsuit against Icon Valuations Group L.L.C. after LCG reportedly overpaid for a real estate property appraised by them.
According to the lawsuit, the 41-acre plot of land is known as the Blanchet Property in St. Martin Parish. Records say LCG went to real estate appraiser Jake LaCour and his firm Icon Valuation Group L.L.C. The ownership of the property was split between three families who each held a third of the property’s interest. LCG’s intent was to purchase the whole property and the city-parish went to LaCour to issue an appraisal report to determine a price.
Documents say the report provided that the amount would be $42,000 where a third of the property would cost $31,500 which doesn’t add up. After seeking clarity, LaCour reportedly told L.C.G. His valuation indicated that a third of the interest of the Blanchet Property was valued at $42,000.
LCG then purchased two-thirds of the Blanchet Property at $42,000 each. The accuracy of LaCour’s appraisal report and representation is now being called to question by LCG. It is now claimed the entire value of the property is $42,000 which makes a third of the interest should be valued at $14,000.
LCG is now saying they overpaid for the Blanchet Property because of the apparent negligence and erroneous appraisal report done by LaCour. LCG claims LaCour should be liable for all damages sustained by L.C.G. as a result.
News 10 will provide more information on this case as the it becomes available.