More on Elizabeth Todd, the San Diego real estate broker who set the wildly-inflated price which defense contractor Mitchell Wade paid for the then-home of Rep. Randy “Duke” Cunningham (R).
A local paper — the North County Times — confirms a detail we’ve been trying to nail down for much of the day.
As earlier reports have noted, Todd was paid nothing to set that inflated price. But that isn’t the end of the story.
Todd was also the agent of record and bagged a nice commission when Wade later resold the house for $975,000 — a $700,000 loss. More importantly, she was also the agent for the new house that the Cunninghams turned around and bought with the $1,675,000 Wade paid them for their old house. And the new place went for a cool $2,550,000.
Now, I don’t know just what sort of commission Todd would have gotten for sales like that. But I figure it would be a tidy sum. And it sounds like a decent incentive to make sure the whole three-way transaction went off without a hitch.
