Real estate firm ordered to pay $1m for misleading conduct

The Supreme Court has ordered Premium Real Estate to pay an Auckland couple almost $1 million after their Castor Bay home was sold to a property developer for $2.5 million who then resold shortly afterwards for $3.5 million.

The court ordered Premium to pay $659,813 in damages, repay the $67,050 commission for the sale, awarded the couple Supreme Court costs of $21,000 and Court of Appeal costs of $6000 and pay 7 per cent interest over some years.

The case is one of the most significant in real estate, having wound its way through the courts for three years.

Pam Riley, the agent at the centre of the bitter litigation, still works at Premium's Takapuna office and her boss was yesterday standing firmly behind her.

Brian Guy, Premium Real Estate Group's managing director, said Riley was good at her job and he was "gutted" at the latest decision.

To read the full NZ Herald story click here

Posted: 7 Mar 2009

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