Is this Extortion of Blackmail?

[maineisland]

I and 4 siblings (s1,s2,s3,s4) own property in JT. S4 wants to sell out but has demanded the remaining owners pay 4 times what his share of the property is worth. The remaining owners can barely affort to pay the true FMV of the 1/5th share (we have a certified appraisal for FMV).

S4 has said, via an attorney, that we either pay his demanded price or he will file for partition. This would cost the 4 of us $15K to $20K and thousands in travel and living costs - which we can not afford.

From the basic definition of Extortion, it appears that this is such a case, is it?

 

[army judge]

It isn't extortion.
It is a threat.
When there are two or more owners of real property, one can always petition a court to order the property sold.

The proceeds are divided equally among the joint property holders.

The remaining owners can hire an attorney to represent their interests. One or more of them should meet with an attorney to ascertain their rights.

The worst that can happen is the property is sold and the proceeds divided equally. In this economy, the likelihood of property selling in Maine, remote!

 

[mightymoose]

Sounds like an empty threat. If the property is worth the lesser value that you indicate then it would do him no good to force the sale. When the proceeds are divvied up he would get far less than what he is asking you to pay. If he does go to court he can pay for his attorney while you and the three others can pitch in and share one.