California Real Estate Fraud Report

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08
Aug

Jurors Award Ranchers $12.2 Million in Commercial Real Estate Deal that Soured

A Sonoma County jury Friday awarded $12.2 million in punitive damages against a man who sold a Petaluma ranching family his commercial property and failed to fulfill a 10-year lease.

Edward and Cathleen Cardoza, the ranchers, had sold some of their land to the Open Space District for $18 million in 2005. In order to avoid capital gains taxes, they purchased David H. Reed’s commercial property on Corby Avenue for $4.7 million. Reed who owned RPM OptoElectronics Inc., moved out just 3 months later. The Cardoza’s attorney, Joseph Piasta, told jurors the couple was forced to sell the property and suffered a $1.2 million loss.

Reed denied that he tried to swindle the Cardozas and said he had fulfilled his promises.

Whether the Cardozas will be able to collect their damages remains unanswered, as Reed claims he is unemployed and a forensic accountant said he is worth $2.5 million.

Read the original article in the Press Democrat.

© Copyright 2007-2017 Monique Bryher

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