Angry Investors Take On Trump
Investors in the Donald-Trump-branded Baja Mexico project have sued Trump now that the project has folded. I'd been expecting this since November when we wrote about the troubles for the Trump Ocean Resort Baja Mexico and received comments from burned investors. The project was not being built by Trump but he lent his name to the project and condo buyers say they invested based on the value of that name. Those who bought into the project have lost all their invested money, a reported total of $32 million on units that ranged in price from the mid $300,000s to over $2 million. No one seems to be sure exactly where the money went. CBS News has an interview with Ivanka Trump who says she is sorry for those people that lost money but that she and her father are "in the same boat" in terms of being taken in by the developers. Ivanka is named in the lawsuit along with her father and her brother, Donald Trump Jr. as well as the project's developers, Irongate Development, its partner company Punta Bandera Investors USA, and its real estate brokers S&P Destination Properties.
Trump has put his name on everything from vodka to office furniture but lawsuits like these as well as the troubles that have befallen his Trump-branded Atlantic City casino empire are eroding that name's prestige.
Reader Comments (Page 1 of 3)
Andy Mar 16th 2009 6:43PM
Trump is getting what he deserves. Other than some good real estate deals in NYC, Trump isn't a very good businessman. With the amount of money that he's received, others would have been able to do so much more than he has. Bankruptcy court is his second home.
Mandji Mar 17th 2009 4:44PM
Have you heard about new sex tape in the celebs world? Guess who! It's Jessica Simpson!!! At last! I've seen it here http://zipmyurl.com/Jessica-Simpson-naked but I can't be sure that it is on its place...
tonashideska Mar 16th 2009 6:54PM
Rule #1. NEVER, EVER get into anything with Trump in the name.
HAYWOOD Mar 16th 2009 8:19PM
Truth be told.
Trump is not considered high end or trustworthy anymore.
He is a "brand" that will put his name on ANYTHING as long as he is not liable for the product breaking down and this is sad.
He can B.S. all he wants, and he is like a Phoenix crawling out of the flames every few years... but I can tell you now,
Crap trumps Trump because he just doesn't get it.
He is whoring himself out and damaging the brand and is just laughing all the way to the TANK.
He'll be picking food out of dumpsters someday because he doesn't know where visionary ends and "*Star Trippin'*) begins.
He doesn't care.
Why would people trust his brand and get burned and he doesn't seem to care?
why damn it !
I have never stayed at his Trum... I mean dumps.
His name has no value anymore.
"Art Of The Steal"
should be his next book.
Freakin' name Pimp.
Trumpi is a criminal Mar 16th 2009 10:42PM
Trump is a criminal and should be in jail!
usages Mar 17th 2009 2:30PM
Why would anybody get involved with TRUMP?
he reminds me of Madoff, same crook and evil american....all for the sake of self-interest. When will Americans ever learn and wake up that there country has the most evil, manipulative people on earth walking around trying to take you'r money?
wake up nation ....you suckers never learn.
Been There Mar 17th 2009 2:41PM
Whoring his name is exactly right. He did the same with the "Trump University" it's a rip off. They tell you that anyone can buy RE w/nothing down and do leas option - "BIG FAT LIE". I asked if the TrumpU was a ligitimate subsid of Trump Org and was told yes. I asked because at the seminar the same guy blowing fire was the same one I was at the grant foundation blowing the same fire. BIG SCAM NOT SURPRISED AT ALL..
Been there
Beth Mar 17th 2009 2:43PM
The only reason "Little Donny Trump", as his classmates used to call him, has money is because his father left it to him!
DANA Mar 17th 2009 2:47PM
TRUMP IS JUST AN EGO MANIAC...NEEDS TO SEE HIS NAME ON EVERYTHING.....REST ASSURED DONALD...IT DEFINATELY WILL END UP ON A TOMBSTONE.....YOU CAN BET YOUR ENTIRE FORTUNE ON IT...
number1itgirl Mar 17th 2009 2:51PM
Whining rich folk get no sympathy from me. They KNOW they invest with risk. They KNOW they were scheming to get rich off Donald's GOOD name, and didn't feel like sheisters. But THEY didn't invest in his name. THEY invested in a mexican development. They ACCEPTED the risk of the "Punta and amigos" developers, RISKING that the MARKETING SCHEME OF THE DEVELOPER would result in lucrative rewards. Donald has every right to sell his name to the Developer. He's suffering his loss with that risk. Investors, gamblers, WHINERS, suck it up and accept yours. You ONLY have the developer to complain to.
lexygone Mar 20th 2009 11:26AM
A very harsh statement from someone who probably doesn't know anything about the Trump Baja project. The lawyers handling the case of investors in the project could probably put you right in that the developer was actually invented to protect Trump and Irongate from responsibility. Investors were not told that Trump had noting to do with the project until January. Most whinging seems to come from those who dont have any money and probably never will have any money. The investors in the failed project deserve to have at least their deosits back - and hopefully a lot of people will be sued or fraud, neglect and sheer incompetence
BHarrison Mar 17th 2009 2:53PM
Looks like "The Donald's" reputation is catching up with him . . . that has only taken 20 years to do that. It doesn't look like he is going to have a "marketable name" in the future, does it?
I wonder how long it will be before they cancel his TV show. (Well, if Jerry Springer can have a TV show, I guess that almost anyone can have one.)
number1itgirl Mar 17th 2009 3:00PM
Donald Trump, you REEEEEEEally need to stop selling your name out to idiot moron incompitent developers. They don't deserve your trademark. You KNOW incompetence and crooks are everywhere. Why would you lend your name to them. Stop dabbling and playing. Go back to your bedrock and do what others only "wish" they could do.
Mackoo Mar 17th 2009 3:01PM
Beth, your statement sounds jealous and envious and you would have the same feeling about anyone left money.
There is nothing wrong with fathers or mother leaving son's and daughters wealth. But it's what son's and daugther's do with it is what matters most.
Giving to charities and helping those in need come to mind is a good start if left money in large amounts and then investing for your own future. Being selffish wealthy is a cancer.
As far as Trump I have always considered him a blowhard that needs a hair transplant.
Peace
Mackoo
GB Mar 17th 2009 3:04PM
It is all about $$ and power, no matter who does it. Do you know how many people got scammed (rich & poor) in FL in R/E & investments-I know I live here. These monstrous buildings have ruined our coastline and many remain empty. I only care because (my neighboring 80's) condo is worth 1/2 now-and I paid my mortgage off 4 yrs. ago when I bought it. He will not loose this lawsuit-you watch.
Marc Mar 17th 2009 3:04PM
It is starting to happen. The Trump over leveraged empire is starting to crack and there will be no end in site. This time he truly is broke. The Trump name will not last this economic downturn into depression. He won't be able to sell enough assets for cash either. It's over.
number1itgirl Mar 17th 2009 3:06PM
These whining investors knew EXACTLY what they were risking. They threw their money away south of the border. Boo hoo hoo! As ususal, THEY tried to tout the resort as something MORE than it was, hoping to scam tourists for a DONALD TRUMP quality hotel suite, when it was actually a CHEAP A** Mexican generic resort. THEY paid for the Punta fraudulent purchase of Donald's name. Investors should be ashamed. BUT they know no shame.
dory Mar 17th 2009 3:11PM
Trump personifies what is WRONG with America....His "celebrity" is nauseating....and his air of superiority is disgusting....His extravagances are notoriously self-serving and ostentatious...and his books spout his USE OF OTHER PEOPLE'S MONEY to make his fortune...(mini-madoff??!!)...so, i can't feel much sympathy for his scorned investors... If they blindly followed his "rising star", just because of WHO HE IS..(who??)...then, I guess they made a poor investment...oops....that's o.k., we'll make them a tent spot in Sacramento...don't worry, there's plenty of room!
number1itgirl Mar 17th 2009 3:13PM
. . .and nobody seems to know where the investment money went? Hmmmm. Hello, mexico. Cartels. The punta developers took your spoiled little rich kid play money from you as you got in bed with them and their scheme to falsify to future resort guests the quality of their hotel. Then they laughed and gave your money away. The mexican police probably have a little of it. The cartels probably have a lot of it. Oops. Bad choice of developers.
pedro Mar 17th 2009 3:35PM
Trump's cards are about to all cave in! Buying/lending your name to multi-million dollar condos is a type of fraud that will put the final nail in the coffin. And daddy cannot help you anymore. Besides he is such a pompous a--hole! LOL on his downfall!!