I've never spent more than five or six million dollars on a piece of jewelry, but I imagine that once you get into the $8 million price range, the risk of buyer's remorse only increases. New Orleans Saints quarterback Drew Brees is experiencing just that sensation over an $8 million diamond ring he bought from longtime jeweler, Vahid Moradi of the CJ Charles jewelry shop in San Diego. According to TMZ, he's suing because he says the ring, along with a variety of other pieces he's purchased, are worth a total of $9 million less than he paid for them.
The lawsuit filed by Brees says that the biggest drop in purported value was in the aforementioned ring, which he paid $8.18 million but was recently appraised and found to be worth just $3.75 million. Brees says he was sold the jewelry, which includes watches, earrings and other rings he's spent around $15 million in total over the years, under the pretense that it was a good investment would appreciate in value. But Moradi's attorney, Eric M. George, has fired back hard with a completely different view of the situation in a statement, contradicting the basic premise of Brees' lawsuit:
"Drew Brees aggressively purchased multi-million dollar pieces of jewelry. Years later, claiming to suffer 'cash flow problems,' he tried to bully my client into undoing the transactions."
"Mr. Brees's behavior and his belief that he was wronged because the jewelry did not appreciate in value as quickly as he hoped both demonstrate a lack of integrity and contradict basic principles of both economics and the law."
"He should restrict his game-playing to the football field, and refrain from bullying honest, hard-working businessmen like my client."
Brees is reported to be seeking "at least" $9 million in damages from his (presumably) former jeweler, and through his attorney has issued a statement of his own, calling Moradi's operation "a scam," and stating that the decision to sue came in part out of "fear we are not the only ones Moradi has misled and defrauded." Stay tuned…