Richest US Real Estate Tycoon Disowns Son Amid Scam Allegations: "We Do Not..."

Donald Bren, the 93-year-old billionaire real estate tycoon with a $19 billion net worth, has disowned his son David Bren due to allegations of swindling investors out of over $2 million through a fake luxury business pitch. David, 33, allegedly promised investors exclusive access to luxury vehicles, fine dining, and premium wines and cigars through 'The Bunker', according to investor decks obtained by the Los Angeles Times.

Investors, including high-profile individuals, reportedly lost at least six-figure sums between 2020 and 2022. Lawsuits claim David fabricated the entire business concept. The fallout has been severe, with one investor reportedly fleeing California in shame and another investor, who allegedly invested significantly more than $100,000, found dead in his garage.

Donald Bren's spokesperson distanced the family from David, saying, "We do not have a personal or business relationship with this individual". 

'The Bunker' scam

David Bren's troubles stem from his business venture, 'The Bunker,' which promised exclusive access to luxury vehicles and fine dining but is now suspected to be a scam. Founding 'Bunker' members, including Shark Tank star Mark Cuban, fashion designer August Getty, Oracle's Larry Ellison, and NBA champion Kristaps Porzingis, were allegedly promised exclusive club perks for a $14,500 monthly fee. The pitch claimed David Bren would store a fleet of supercars in Beverly Hills after acquiring Mr. C's Beverly Hills Hotel for $90 million.

However, lawsuits allege the entire operation was a scam, with one stating it was a "charade designed to lure investors...to fund his own extravagant lifestyle". Another lawsuit claims, "The Bunker does not exist. There is no ultra-high end automotive club. There are no members. The business is a mirage." 

Nanxi Lu, a tech entrepreneur, also invested $100,000 in 'The Bunker'. Despite initial scepticism, Lu invested after her mentor, Tony Chen, enthusiastically endorsed the project, calling it the "SoHo House for car lovers". Chen allegedly invested nearly $1 million and later struggled to recover his funds, leading to personal crises, including separation from his wife.

He then moved in with a friend, Tran, who described Chen's devotion to The Bunker as obsessive. Tragically, Chen was found dead in his garage in September 2022, with his death ruled a suicide by the Santa Clara County medical examiner's office.

When Liu tried to withdraw her investment, David Bren only refunded $10,000 and offered a complimentary membership to The Bunker. Other investors also faced difficulties, with some receiving bounced checks and partial refunds.

Donald Bren: America's richest real estate tycoon

Donald Bren is widely recognised as the richest real estate tycoon in the United States. With a net worth estimated at over $19 billion, Bren is the chairman of Irvine Company, a privately held real estate investment firm based in California. He began building his fortune in the 1950s and made his most significant move in 1977 by acquiring a controlling interest in Irvine Company.

The company owns a vast portfolio, including over 129 million square feet of real estate, encompassing residential properties, office spaces, shopping centers, and resorts, mainly concentrated in Southern California.

Despite his massive wealth, Bren keeps a low profile and is also a noted philanthropist, having donated over 2 billion to education, conservation, and research.