RT Edgar accused of failing to pay 0.75 per cent commission of the beachside property’s sale value

A court battle has erupted between two real ­estate firms over a sprawling clifftop estate bought by a horse racing identity and commercial property investor.

The $15m Portsea house is the subject of a legal fight.

A David and Goliath battle has erupted between two real ­estate firms over the sale of a multimillion-dollar Portsea property.

The sprawling clifftop estate sold for $15m to horse racing identity and commercial property investor Ken Biddick and his wife Cathi in February.

While the ink has dried on the contract, a war is simmering between RT Edgar and ­Jacoli, the two “conjunctional agents” retained to sell the Point Nepean Rd property.

Documents filed by Jacoli in the County Court accuse RT Edgar of failing to pay up 0.75 per cent commission of the beachside property’s sale value.

A war is simmering between RT Edgar and ­Jacoli, the two ‘conjunctional agents’.

The writ, filed last week, states Jacoli was entitled to a commission of $112,500 but was left high and dry.

“In or about March 2023, RT Edgar was paid the commission. Despite demand, RT Edgar has failed and/or refused to pay the commission to Jacoli,” the writ states.

RT Edgar is a major real ­estate player in the wealthy Mornington Peninsula region, while Jacoli is lesser known.

Conjunction agreements allow agents to transfer their obligation to sell a property to another firm.

The 1910-built Portsea home named Wandin had been owned by the same family for more than a century.

The Portsea property was bought by Ken Biddick and his wife Cathi.

With initial price hopes of $16.5m to $18m, the property owners entered an “exclusive sale authority” agreement with both real estate agencies last December, which Jacoli states entitled both to a commission of the sale price.

The beachside estate is on a 3538sq m block and has uninterrupted 180-degree views over Port Phillip Bay.

With five bedrooms, a private tennis court and boatshed, it has direct access to Shelley Beach and is walking distance to Portsea and Sorrento.

The Biddicks own Conquest Sports, the Australian distributor of Converse footwear.

The renowned investors previously bought a $32m Brighton supermarket and a $25m Cranbourne North medical centre, according to online records.

It’s understood the Biddicks own the property next to Wandin – purchased for $7m in 2013 – and have plans for a luxury home at the Wandin site.

The property is believed to be in its original form and was spruiked to potential buyers as “an incredibly rare opportunity to renovate or redevelop” in the premier beachside location.

At time of sale, RT Edgars said the property’s $15m price was virtually land value.

Jacoli is suing RT Edgar for the $112,500 commission plus interest and costs.