By John Gittelsohn and Karen Gullo | Bloomberg News
Millionaire Hiroshi Horiike, who bought a four-bedroom, six-bath Tuscan-style mansion in Malibu, California, talks with Bloomberg’s John Gittelsohn about his decision to sue Coldwell Banker and the seller’s agent after discovering that his home had a third less living space than he’d been told. Both Horiike’s broker and the seller’s agent worked for Coldwell Banker. Horiike won an appeals court ruling that the seller’s agent had a duty to protect his interests. Coldwell Banker, a unit of Realogy Holdings Corp., is asking the California Supreme Court to overturn the ruling. (Source: Bloomberg)
Millionaire Hiroshi Horiike spent two years searching California for a dream home, one grander than any he could find in his native China.
After visiting more than 80 properties in the Los Angeles area with an agent from Coldwell Banker, Horiike paid $12.25 million in cash for a four-bedroom, six-bath Tuscan-style mansion with a swimming pool, spa and guest house on 5.1 acres (2.1 hectares) overlooking the Pacific Ocean.
There was just one catch. After settling in, Horiike found the Malibu home had less living space than he’d been told — a third less. It had 9,434 square feet (876 square meters) instead of the 15,000 square feet shown in marketing brochures from the seller’s agent, who also worked with Coldwell Banker.
If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com
