Malibu dual agent transaction could set new precedent

The case of the missing 5,000 square feet
  • Malibu agent Chris Cortazzo and Coldwell Banker are being sued for violating fiduciary duty to the buyer, Hiroshi Horiike.
  • A jury originally found in favor of Cortazzo and the broker, but an appeals court found them in violation. The case is pending.
  • Cortazzo allegedly misinformed Horiike of the exact square footage of the home he was purchasing as a foreign cash buyer.

Hiroshi Horiike, a retired Chinese millionaire, bought a Malibu house in 2007 for $12.25 million cash. The advertised square footage was 15,000 square feet, but the actual square footage was under 9,500. Horiike sued the listing agent, Chris Cortazzo, and Coldwell Banker, the broker, for violating fiduciary duties.