09/13/2024
Representing both sides in a transaction inherently creates a conflict of interest. As the seller pointed out, if they had known who the buyer was, they wouldn’t have offered a $6,000,000 discount. Did the agent violate their fiduciary duty by not disclosing the buyer’s identity? It’s hard to believe the agent didn’t know, especially since they were representing the buyer as well. Even if the agent didn’t know or should have known the buyer was Bezos, would they have been allowed to disclose that information?
On the flip side, the buyer has the right to remain anonymous to ensure they’re treated like any other buyer and pay “fair” market value. However, we also have to question how fair the market value really is, considering the buyer had already purchased a nearby property shortly before making this offer.
This case has so many layers. I’m curious to see how it will play out. What do you think?
Leo Kryss believes the real-estate brokerage should be on the hook for the $6 million discount he allowed on his Miami house before he knew the billionaire was the buyer.
