- 5 -
than Sanrio, signed the agreement so that the seller would not
learn that in fact Sanrio was the real buyer.
Sanrio expected to pay a commission to petitioner after it
purchased the Eccles Avenue property, because he had acted as its
agent.
Petitioner expressed some concern after the deal shifted
from development to purchase as to how he would be remunerated
for his work for Sanrio. On June 12, 1990 (before he signed the
purchase agreement), petitioner sent a letter to Sanrio detailing
his negotiations for Sanrio's purchase of the property. As of
that date, petitioner expected to receive $840,000 (representing
3 percent of the purchase price) from Sanrio upon its purchase of
the property. Additionally, while petitioner worked for Sanrio
to buy the property, he had incurred expenses for inspectors and
engineers. In September of 1990, Sanrio reimbursed him for his
out-of-pocket expenses. On October 30, 1990, Sanrio paid
$840,000 to petitioners in consideration of the assignment of
petitioner's rights d.b.a. Sand Hill as purchaser of the Eccles
property.
The payment was made as follows: on October 30, 1990, at
Susanna's request, Sanrio directed the Bank of California to
debit its account there by $840,000 and remit the sum by
electronic funds transfer to the account of Susanna Pau at the
Banque Nationale de Paris (BNP) branch located in San Francisco,
California (the BNP account). On that same date, Susanna
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