The Third District Court of Appeal reversed a trial court decision on a $4.5 million real estate deal gone sour.
The case centered on a struggle between the seller of a mobile home park, Francis Dirico, and developer Redland Estates for nearly $700,000 in deposits.
“Redland is decidedly disappointed with this unexpected result,” according to Miami attorney Benedict Kuehne. “The evidence at trial showed that the seller and the seller’s lawyer schemed to try to come up with addenda that didn’t make it clear they would keep the deposits.”
Dirico and Redland Estates were close to a deal back in October 2002 for a 92-acre property priced at $3.8 million, according to the Daily Business Review.
But the deal fell apart after Dirico extend the closing date and upped the sale price to $4.5 million. Redland Estates claimed they deserved credit for $688,000 in deposits made on the property, but Dirico’s documents reflected only $200,000. [Daily Business Review] – Christopher Cameron