Case Study: How A Florida Condo President Allegedly Stole A $232,000 Unit
The arrest of board member Gregori Arzumanov of the Turnberry On The Green tower in Aventura provides a step-by-step description of how, police alleged, a condo unit was stolen from the association.
Is it possible for someone to steal a $232,000 unit from a Florida condo association without anyone realizing?
It may be easier than you thought based on the Oct. 1, 2024, arrest of a board member of a highrise condo in the affluent Miami suburb of Aventura, according to a Miami-Dade County Arrest Warrant.
Gregori Arzumanov - the quantum physicist-trained president of the Turnberry On The Green condo tower in Aventura - was busted for what police describe as an alleged $1.5 million fraud, according to WSVN.com.
Arzumanov - who besides serving as the association’s president is also the chief building engineer and property manager - allegedly exercised control over the Turnberry On The Green’s $3.3 million operating budget, according to the arrest warrant.
In reading through the 32-page arrest warrant, police highlighted how a company owned by Arzumanov allegedly stole a one-bedroom unit with 870 square feet on the 18th floor of the Turnberry On The Green.
The unit - which was valued at nearly $232,000 at the time of the alleged theft - generates about about $1,800 per month in rent today, according to the arrest warrant.
Since gaining ownership in 2020, the “defendant has made a minimum of $59,400 in rental income which the association would be entitled to as income for the property,” according to the arrest warrant.
Built in the early 2000s, the Turnberry On The Green condo tower - located at 19501 W. Country Club Drive across the street to the east of the Aventura Mall - is a 28-story building with 376 residential units, according to the Miami-Dade County Property Appraiser’s website.
At least 14 condos are currently listed for sale in the Turnberry On The Green at an average asking price of $542,636 per unit or $452 per square foot, according to CVRRealty.com.
In the first nine months of 2024, buyers purchased 13 units at an average price of $506,846 per unit or $442 per square foot, according to the stats.
Behind the paywall is a case study - along with a nearly 7-minute video - on the history of the unit and how police alleged the condo theft occurred at the Turnberry On The Green.