Buyer Beware: Luxury Homes Listings

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January 14, 2015

Coldwell Banker Real Estate in Malibu, California, is currently facing a legal battle after a former client alleged the home he purchased didn’t have the square footage advertised in the listing, according to the New York Times.
 
Homes in Malibu sell for millions for dollars, $12.25 million, to be exact, for the home of Hong Kong multimillionaire Hiroshi Horiike, who filed a lawsuit over the square footage allegations, to be exact. The real estate listing for the property claimed there were 15,000 square feet in the Tuscan-style manor, but official county property records showed there were less than 10,000 square feet. Coldwell Banker and its real estate agent said there are disclaimers in listings that say square footage measurements are not guaranteed.
 
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