Wizman

FACTS AND PROCEEDINGS

Appellant Moshe Elyakim is a general contractor. Respondent Jacob Wizman and appellant were acquainted with each other through construction work appellant had done on respondent’s home. Respondent, who is the former president of worldwide sales for Gucci and an original investor in Coffee Bean, has successfully invested in real estate. According to respondent, he had a “good amount of experience, certainly more than the everyday average person with regard to real estate transactions.” In 2004, appellant approached respondent about their investing in two adjacent parcels of undeveloped hillside land in Beverly Hills. Appellant believed he could profitably build several homes on the parcels. Appellant and respondent entered into an oral agreement, under which respondent bought the parcels, one of which was called “Heather Court” and the other “Arrowwood.”1 Respondent paid $1,209,839 for Heather Court and $410,500 for Arrowwood. Because respondent paid the entire purchase price for the parcels, only his name was put on title to the properties, although the parties agreed that they would equally share the project’s profits or losses. After buying Heather Court…