Italian investor Gianluca Vacchi has filed a lawsuit against developer Michael Stern, alleging fraud in connection with an investment in a North Beach real estate project that has not materialized. The complaint, submitted in December and currently paused but still active, targets Stern and two companies linked to him.
Vacchi’s company, GV NBV, is suing Stern along with 6345 JV LLC and 6345 Manager LLC over a $2.5 million investment in the Casablanca property at 6345 Collins Avenue, Miami Beach. The two parties formed a joint venture in 2024 to invest in several new developments valued at $4 billion.
Vacchi participated alongside Stern on projects including Mercedes-Benz Places Miami, Dolce & Gabbana-branded 888 Brickell, and the 1250 West Avenue development. However, progress at Mercedes-Benz Places Miami has been slow, and another developer took the lead at 1250 West Avenue last year.
Additionally, Vacchi partnered with Stern and others on Sunset Padel, an indoor padel club in Miami Beach’s Sunset Harbour.
Vacchi comes from a wealthy Italian family that previously owned IMA Group. He sold his stake in the company in 2023. That same year, Reuters reported that BC Partners agreed to sell its interest in IMA to BDT & MSD Partners for approximately 7 billion euros.
Last year, Vacchi faced a separate lawsuit from a consultant based in Naples, Florida regarding allegedly unpaid fees related to evaluations of developments he undertook with Stern.
Neither Jason Giller, Vacchi’s attorney, nor Michael Stern commented on the current litigation.
In the complaint, Vacchi claims that Stern’s actions were “yet another scam conjured up by Stern.” He alleges that Stern persuaded him to invest $2 million into redeveloping Casablanca through “brazen misrepresentations, fabricated or improperly modified documents, and concealment of material facts,” according to court records.
The initial investment was described as a “quick flip” and a “no lose” opportunity. The lawsuit states that Stern provided what he claimed was an independent valuation of the Casablanca land—valuing it between $210 million and $276 million—but this valuation was actually produced by JDS’ own development director.
Stern reportedly told Vacchi it would cost $150 million to buy out Casablanca and suggested there would be significant profit if they resold the property at the higher valuation.
According to the complaint, Stern refused to issue Vacchi’s entity a membership certificate reflecting his investment in 6345 JV LLC. Instead, Stern asserts that another entity made the investment—reducing Vacchi’s share of the project to about $2.2 million.
It remains unclear how relations between Stern and Vacchi will proceed if litigation continues; sources told The Real Deal that an institutional investor may be buying out Vacchi’s interests.
The lawsuit references information from JDSPulse.com—a website about which Stern himself filed suit last year for allegedly defamatory statements. In his own case against JDSPulse.com’s anonymous operator, Stern claims there was an orchestrated smear campaign against him and his firm.
Vacchi’s complaint further accuses Stern of hiding “an extensive history of defrauding his investors forcing them to pursue legal actions like this one just to get their money back.” It also outlines prior lawsuits involving Stern.
“To make matters worse,” reads part of the lawsuit, “Stern also hid that he had a long history of artificially prolonging those legal battles through abusive and deceptive litigation tactics, which any reasonable investor like GV NBV would have wanted to know when deciding whether to invest with Stern or any entity that he controls,” according to court filings.
