Real Property
Land Purchase
Fraud
Confidential
Settlement – $425,000Judge
Court
San Diego Superior
Attorneys
Plaintiff
Defendant
Facts
On October 26, 1990, Plaintiff purchased 54 acres of property in Carlsbad from Defendants seller and Plaintiff's broker. The purchase price was $10,500,000. In November of 1991, Plaintiff discovered that there was no map of the property and that the zoning was agricultural on property he had purchased as commercial. Plaintiff was a 50-year-old Japanese businessman.
Settlement Discussions
Plaintiff contends he demanded $750,000 and Defendants offered $200,000.
Damages
$2,000,000 property loss; $1,500,000 cash; and $500,000 out-of-pocket expenses.
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