Assemi family member trying to block sale of $2 billion California farming empire
Kevin Assemi, a member of one of the region’s most prosperous business families, is asking a Fresno County judge to block the potential sale of the family’s farming properties, valued at an estimated $2 billion.
Assemi, the son of Farid Assemi, a founding member of the family dynasty, alleges in court documents that he was blindsided by the news his family’s substantial farm holdings were being offered for sale.
As a beneficiary of The Farid Assemi 2010 Grantor Trust that has substantial ownership interest in the “Family Farm,” Assemi argues that he should have been consulted.
“Petitioner had to learn about such a sale through local news stories and not from the Trustee who has a duty to keep Petitioner reasonably informed. Petitioner has requested and has yet to receive information that he is unequivocally entitled as a matter of law…” according to the lawsuit.
Assemi filed a petition in May asking a judge to delay any effort to sell the properties, listed in the court documents as 52,000 acres from Kern to Fresno County. Of those acres, 28,000 are planted with a crop.
So far, the land has not been sold and a Fresno County Superior Court judge has set a date of Nov. 14 for a hearing on the petition.
The petition seeks several actions, including appointing a neutral trustee to replace the current trustee, Neema Assemi, Kevin’s cousin. It also asks for due diligence to determine if the sale of the land benefits the trust or exposes it to financial risk.
The Assemi family is one of the leading pistachio growers in the San Joaquin Valley, operating the Touchstone Pistachio Company. The family’s business empire was started by three brothers, Farid, Farshid and Darius. Along with farming, the Assemi name is also synonymous with home building and philanthropy.
It has been a litigious several years for the family.
In December, a Fresno County jury awarded $26 million to the Assemi Brothers farming company and nearly $12 million to its rival, Wonderful Pistachios & Almonds, in a protracted breach of contract lawsuit.
The Assemi Brothers sued Wonderful Pistachios & Almonds in 2019 alleging Wonderful retaliated against the Fresno company after it announced plans to build its own pistachio processing plant and leave Wonderful’s cooperative.
About a week later, the brothers were sued again, but this time by Kevin Assemi, the former head of Maricopa Orchards, an Assemi farming company.
Kevin Assemi sued his father and uncles for alleged fraud, breach of contract, and wrongful termination.
He is seeking general, special and punitive financial damages to be proven at trial.
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