Owners of the 16th largest MLS in the country plan to sell to a newly formed private company called MAZL that is run by a person identified only as J. Burks.
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The owners of one of the largest multiple listing services in the U.S. on Friday announced they had removed the organization’s board of directors, saying members broke confidentiality agreements as a controversial sale to a just-revealed buyer draws nearer.
The sale in question involves REColorado, which is owned by the Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA). News of the sale broke earlier this week, and was confirmed to Inman Tuesday by REColorado board Vice Chair Shelly Vincent.
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Vincent said she and others had wanted to buy the MLS themselves and were exploring legal action to stop the sale to the private company.
However, on Friday DMAR and SMDRA leadership signed a resolution “removing all REColorado board members from their position and duties, effective immediately,” according to both a statement provided to Inman and a FAQ sheet circulating online.
The statement further notes that the REColorado board members were being removed for breaking confidentiality agreements.
“While disappointed, we have come to this decision based on the egregious violation of confidentiality and signed non-disclosure agreement carried out by a representative(s) of the REcolorado board of directors,” the statement noted. “Coupled with the response of the REcolorado board of directors over the past several days we have reached this decision which we believe is in the best interests of our collective membership, our long-term ownership and operational goals.”
The statement also reveals that the would-be buyer of…