Sunday, March 15, 2009

My Way News - Buyers sue Trump over failed Mexico condo project

My Way News - Buyers sue Trump over failed Mexico condo project: "SAN DIEGO (AP) - Donald Trump was sued Friday by buyers who lost millions of dollars in deposits on a failed hotel-condo in the Mexican border city of Tijuana.

The 69 buyers purchased 71 units in Trump Ocean Resort Baja and paid deposits totaling between $18 million and $20 million, said Bart Ring, their attorney.

Buyers were told last month that the luxury oceanfront project was being scrapped and that there was no money left to refund deposits. In December, they were told the project had only $556,000 left after collecting $32.2 million in buyer deposits...Trump Baja demanded about 30 percent down for units that sold from less than $300,000 to $3 million. The lawsuit lists plaintiffs who paid deposits between $53,835 and $470,725. Many put up more than $150,000.

Trump Baja went on sale when Southern California home prices were near their peak. All that remains of the project is a closed sales center and showroom, a paved parking lot and a big hole that cuts a wide swath across the property."

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It sound as if somebody told all the buyers, "You're fired!"

And where did the $31,644,000 go?

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