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Challenge to the trial court's award of lost profits in breach of a real property sales agreement
Greenwich S.F., LLC v. Wong, A123670, concerned a challenge to the trial court's award of $600,000 in lost profits, among other damages, in favor of the plaintiff, in a breach of a real property sales agreement between the defendant and plaintiff's predecessor in interest.
In reversing the trial court's award of lost profits, the court held that the evidence was insufficient to show lost profits with reasonable certainty as, the assumption that plaintiff would have constructed the residence according to the plans and specifications without changes and that the venture would have been profitable, were inherently uncertain, contingent, unforeseeable and speculative. However, the court held that the jury's award of $60,000 as damages for sums plaintiffs had deposited into escrow was not erroneous. The court held that defendant's failure to move for a new trial on the issue of the sufficiency of damages waives his challenge to the excessiveness of the $90,000 award for prerenovation costs. Lastly, the court reversed the award of attorney fees and remanded the case to the trial court to allow it to redetermine the amount of attorney fees to plaintiff as the prevailing party.