Facts

Plaintiff Timothy Tusa knew that property located at 59-595 KeIki Road in Hawaii was for sale and believed that the owner's price did not reflect the property's condition due to the lack of information that plaintiff was privy to. Specifically, Tusa believed that the property would be soon approved for the Condominium Property Regime (CPR), could be granted a permit to rebuild the sea wall, and that next door neighbors intended to rebuild older units. Tusa contacted defendant Ernest Egan and informed Egan he possessed important information. Tusa stated he would disclose for a payment of $200,000. Egan agreed.

Ultimately, Egan accepted an $3,400,000 offer to purchase the property and issued a promissory note for Tusa. The plaintiff sought enforcement. The defendants cross-complained for fraud, unfair business practices and cancellation of a written contract.

DEFENDANT'S CONTENTIONS:
The defendant contended plaintiff was an unlicensed real estate broker and fraudulently induced execution of the note. The defendant also contended plaintiff made material misrepresentations, causing sale of the property at a much lower price.

Result

The jury found in favor of plaintiff awarding $100,000. Plaintiff/cross-defendant prevailed on Egan's cross-claims.

Other Information

FILING DATE: May 1, 2007.