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HUD entered into an agreement with D to manage the Villa D'Ames complex. From 1977 to 1980 the complex, which provided federally subsidized housing to 200 low-income families, was substantially renovated at a cost of approximately $3,000,000.00. P agreed to purchase the property without public bid. It sold for $1,700,000.00, subject to the condition that should the P fail to continuously maintain the complex for low-income rental for 200 families during the next fifteen years, the property would revert to HUD. A fire occurred. The property was insured by United States Fidelity and Guaranty Company, with Villa D'Ames, Inc. as a named insured wherein P owned Villa D'Ames. D was liable for the fire. The case went to trial solely to determine the quantum of damages. The ruled that because the cost of restoration exceeded the market value of the building before the damage, P's recovery was limited to the amount expended to restore the building to its pre-fire condition reduced by depreciation. P appealed. The Court of Appeal affirmed, and P appealed.

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