The suit, filed in San Mateo County Superior Court, asks the judge to enforce a provision in the contract calling for binding arbitration with the company that backed out of the sale, Bayside Peninsula LLC.
Represented by the law firm of Casas, Riley & Simonian, the Rices want Bayside Peninsula to forfeit the $330,000 deposit put down when it offered to buy the home in May and also to foot the bill for attorney fees associated with the lawsuit, according to court documents.
A hearing on the request for binding arbitration is scheduled for Jan. 11.
The Rices built the 16,000-square-foot home in 2001. The listing description includes a slate roof, home theater, gym and sauna, elevator, at least four fireplaces, and accents of Swarovski crystal and Versace limestone.
The three-story home has seven bedrooms, 11 bathrooms, and, of course, a pool.
An article in Haute Living Magazine in March 2010 quoted Mr. Rice as saying: "Whoever buys this home is going to love it because it's like living in a personal paradise, without having to go too far away."
Visit tinyurl.com/Rice-143 to see the listing for the home, with photos.