Ugo Colombo, Craig Robins Call Truce in Private Jet Dispute
From left: Craig Robins and Ugo Colombo (Getty, Ugo Colombo, Bombardier)
A decade-long dispute over a private jet once shared by two high-flying Miami developers appears to be coming in for a soft landing.
Ugo Colombo and Craig Robins have reached a private settlement, court records show, after just two days of trial that would have determined which one of them was on the hook for missed loan payments on a $22 million jet the pair purchased 15 years ago.
The settlement ends a vicious legal entanglement between the South Florida real estate heavyweights, which began in 2007 when the once-friendly duo teamed up to purchase a Bombardier Challenger corporate jet. Their agreement stipulated that each was responsible for paying half of the financing and half of the maintenance costs for the plane, according to court documents.
Colombo, founder of Brickell-based CMC Group, and Robins, CEO and president of Miami Design District-based Dacra, also agreed to split other expenses, such as pilot and flight attendant salaries, based on their respective use of the aircraft.
Through an ownership entity controlled by Colombo, the pair obtained an $18.5 million loan from Bank of America. But in 2010, their relationship hit turbulence.
Robins sued Colombo in Miami-Dade Circuit Court for allegedly failing to pay his half. Colombo then countersued Robins, claiming Robins hadn’t paid his share of the aircraft’s maintenance and that purposely sent the loan into default.
In 2013, Bank of America sued the Colombo-controlled entity for allegedly defaulting on the loan and failing to meet the terms of a forbearance agreement to sell the plane by the end of the previous year, court documents show. As part of the same case, Colombo sued Robins and a Robins-controlled entity as third-party defendants, alleging it was his ex-partner who squelched on the loan payments.
In 2014, a jury sided with Colombo in the lawsuit Robins filed against him, awarding the CMC founder a $2 million judgment that was reduced by $500,000 on appeal. The same year, Colombo’s entity sold the jet for $9.5 million after filing for bankruptcy.
Five years later, Robins lost again. This time, after a non-jury trial, Miami-Dade Judge Michael Hanzman dismissed a lawsuit alleging Colombo had bribed a juror in the 2014 proceedings.
The Bank of America complaint was on a nine-year flight trajectory when the lender dismissed its litigation last week. That left only Colombo, Robins and their entities to continue litigating claims of who was responsible for paying back the loan.
With the settlement reached, the trial ended on Wednesday following two days of opening statements and witness testimony.
Colombo declined comment through a spokesman.
“My disputes with Ugo have been resolved and the terms are confidential,” Robins said in an emailed statement, declining to comment further.
Robins’ Dacra, along with its partners with Brookfield Properties Retail Group and L Catterton Real Estate, a subsidiary of global luxury giant LVMH, own more than half-a-million square feet in the Miami Design District. The partnership transformed the neighborhood into a luxury retail, culinary and arts destination.
Colombo’s CMC developed the Grovenor House condominium in Coconut Grove, Epic Residences and Hotel in downtown Miami, and the Brickell Flatiron condominium in Brickell. Colombo is currently developing the waterfront condominium Vita at Grove Isle.
