U.S. Home Corporation v. Settlers Crossing, L.L.C., 041217 FED4, 15-1254

Docket Nº:15-1254
Opinion Judge:PER CURIAM
Party Name:U.S. HOME CORPORATION; LENNAR CORPORATION, Plaintiffs - Appellants, v. SETTLERS CROSSING, L.L.C.; WASHINGTON PARK ESTATES, LLC; BEVARD DEVELOPMENT COMPANY; STEVEN B. SANDLER; ISTAR FINANCIAL, INCORPORATED; DANIEL I. COLTON, Defendants-Appellees.
Attorney:Jonathan D. Hacker, O'MELVENY & MYERS LLP, Washington, D.C., for Appellants. Peter D. Keisler, SIDLEY AUSTIN, LLP, Washington, D.C., for Appellees. Daniel M. Petrocelli, David Marroso, James M. Pearl, Los Angeles, California, David K. Roberts, O'MELVENY & MYERS LLP, Washington, D.C., for Appellan...
Judge Panel:Before DUNCAN, AGEE, and KEENAN, Circuit Judges.
Case Date:April 12, 2017
Court:United States Courts of Appeals, Court of Appeals for the Fourth Circuit
 
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U.S. HOME CORPORATION; LENNAR CORPORATION, Plaintiffs - Appellants,

v.

SETTLERS CROSSING, L.L.C.; WASHINGTON PARK ESTATES, LLC; BEVARD DEVELOPMENT COMPANY; STEVEN B. SANDLER; ISTAR FINANCIAL, INCORPORATED; DANIEL I. COLTON, Defendants-Appellees.

No. 15-1254

United States Court of Appeals, Fourth Circuit

April 12, 2017

UNPUBLISHED

Argued: March 23, 2017

Appeal from the United States District Court for the District of Maryland, at Greenbelt. Deborah K. Chasanow, Senior District Judge. (8:08-cv-01863-DKC)

ARGUED:

Jonathan D. Hacker, O'MELVENY & MYERS LLP, Washington, D.C., for Appellants.

Peter D. Keisler, SIDLEY AUSTIN, LLP, Washington, D.C., for Appellees.

ON BRIEF:

Daniel M. Petrocelli, David Marroso, James M. Pearl, Los Angeles, California, David K. Roberts, O'MELVENY & MYERS LLP, Washington, D.C., for Appellants.

Eric Kuwana, John Rosans, William McGonigle, KATTEN MUCHIN ROSENMAN LLP, Washington, D.C.; Quin M. Sorenson, Erika L. Maley, SIDLEY AUSTIN LLP, Washington, D.C., for Appellee iStar Financial Incorporated. Thomas R. Folk, REED SMITH, LLP, Falls Church, Virginia, for Appellees Settlers Crossing, L.L.C., Washington Park Estates, L.L.C., Bevard Development Company, Steven B. Sandler, and Daniel I. Colton.

Before DUNCAN, AGEE, and KEENAN, Circuit Judges.

Affirmed by unpublished per curiam opinion.

Unpublished opinions are not binding precedent in this circuit.

PER CURIAM

The Plaintiffs-Appellants in this case, Lennar Corporation and its subsidiary U.S. Home Corporation (collectively, "Lennar"), appeal the district court's holding that Defendant-Appellee iStar Financial, Inc. ("iStar") is entitled to specific performance under a land sales contract. For the reasons ably stated by the district court, we affirm.

I.

A.

This diversity appeal involves a long-running contract dispute over the sale of 1, 250 acres of land in Prince George's County, Maryland ("the Property"). Because the district court recounted the facts comprehensively, we incorporate its opinions by reference and recite only those facts necessary to our analysis.

In 2005, Lennar--a homebuilder--began negotiating with Settlers Crossing, L.L.C. ("Seller")1--a land developer--to purchase the Property in order to develop it for residential use. That November, Lennar and Seller entered into a sales agreement under which Lennar would purchase the Property for $200 million, to be paid in full on September 30, 2006, with a $20 million deposit paid immediately. Seller turned over the environmental studies that had been conducted on the Property, and Lennar had access to the Property to inspect it from September 2005 to December 2007. Lennar learned through the studies that portions of the Property had been used as the site of a wastewater treatment plant, as well as for sand and gravel mining, and therefore some of the land could "contain heavy metals, sludge, and varying debris." J.A. 2454. Lennar in fact commissioned a number of additional studies and engaged in remediation work, such as...

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