Trump In Trouble Again Over Licensing Condo Projects

by Deidre Woollard (RSS feed)
Mar 18th 2010 at 1:02AM

We recently looked at Donald Trump's troubles south of the border but he's not doing so well in South Florida either. The Sun-Sentinel has a piece taking a look at Trump's projects in the area and the news isn't good. The Trump International Hotel & Tower Fort Lauderdale beach is facing foreclosure. The South Florida Business Journal reported that the condo-hotel project was hit with a foreclosure action last week. The 298-unit project has already been hit with lawsuits from buyers seeking refunds. Like the Baja project we mentioned last week this is another of Trump's licensing deals and some buyers have said they were misled about Trump's role in the project.

Corus Construction Venture filed a foreclosure action March 11 against developer SB Hotel Associates over a $139 million mortgage issued in 2006 by Corus Bank, which failed in 2009. We heard about Corus Construction Venture in January when we learned that one of Phoenix's tallest towers, 44 Monroe is facing a trustee's sale in April and owes Corus Construction Venture $86.8 million. Last year Corus Bank collapsed and was taken over by the FDIC. It owns a 60 percent stake in Corus Construction Venture and the rest is owned by private equity consortium led by Starwood Capital Group an investment firm run by Barry Sternlicht, the founder of Starwood Hotels & Resorts.

Construction started on the Fort Lauderdale project in 2005. The lavish project was designed by architect Michael Graves and was to include a health club, spa, restaurant and more. It was scheduled to open last year. Corus Construction will have the option of either holding onto the project until the market is better or possibly trying to make more immediate money by converting it into a regular hotel and buying out the existing condo unit owners.

Another project in Fort Lauderdale, the 95-unit Trump Las Olas which we wrote about in 2006 never even got off the ground. The only Trump project thriving in South Florida is the Trump Hollywood in Hollywood, Florida. The project opened last year and the 41-story tower includes 200 condos at prices starting at $1.3 million.

Tags: donald trump, florida real estate, florida real estate development, south florida real estate, trump fort lauderdale, trump hollywood, trump las olas, trump licensing

Filed under: Real Estate Developments

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Reader Comments (Page 3 of 4)

papam11 Mar 18th 2010 8:51PM

How in the hell can this guy go through bankruptcy and foreclosures, and still be Daddy Bigbucks?

nzipit Mar 18th 2010 8:57PM

Love'em or hate'em, the Donald Rules, he seems to bring out the best and the worst of us.and if he reads this ,ask him to ring me up,I have some fantastic ideas to re- invigorate Atlantic City!!!And as far as all of you smart,intelligent,wonderful students of philosophy,sir Thomas moore put it best"One of the greatest problems of our time is that many are schooled but few are educated" ,seems to fit into todays world as well!!!!

Kat Mar 18th 2010 9:06PM

You would think those failures would put his ego in check, but of course it doesn't.

VEETA Mar 18th 2010 9:22PM

I am so tired of Trump. Just want him off my TV, off my computer,
and out of my newspaper. I wish this man would just evaporate.

rudyftachen Mar 18th 2010 9:29PM

this guy was born as a looser and will die as a bigger looser, with his toupe

gposner29 Mar 18th 2010 9:43PM

Put him in the crapper in the same cell as Bernie Madoff since they've both MADE OFF with money under false pretenses.

rbohanon Mar 18th 2010 10:43PM

Its amazing how Trump continues to say he has never went bankrupt, but fails to mention several of his companies have taken the dive. Its goes to show you when a man is so far in debt the banks continue to bail him out. In reality Trump is not
a sharp as he thinks he is. Have you ever noticed how everything he owns is the biggest and the best ? Even the eating establishment he patronizes are the biggest and the beat. I hope his failures are magnitized to show the world he is not quite as
good as he thinks he is

alschrod Mar 18th 2010 10:17PM

I get a big kick out of Donald, and can't find one thing about him to hate; as so many others in here seem to do. As far as worrying about him going broke, forget it--just like a falling cat he never fails tp land on his feet!

robert Mar 18th 2010 10:53PM

Hey Donald, lay low in this time, until the air clears up.

Kent Mar 18th 2010 11:03PM

Ok, what is this going to do to his two year old "Trump Network" MLM business?

http://www.trumpnetwork.com/Trump-Network/WhatIsTheTrumpNetwork.aspx

I've been thinking about signing up with this company he has started... now I wonder if I should reconsider.
Confused in Montana about the Trump Network :o/

Aztec7 Mar 18th 2010 11:07PM

Barbara Mar 18th 2010 11:08PM

Do not really give a "crap" about my grammar, spelling or use of words. Go to a language and educational board if you love correcting people on this stuff...ugh!

Trump is buying property across the street from our house...huge private golf course and apartments that he is going to tear down and build multimillion dollar homes on. He is not hurting so don't waste your time trying to figure this guy out.

And why...if I am signed into my AOL account do I have to supply my "password" again...this is beyond disturbing!

Judy Mar 18th 2010 11:36PM

donald trump never uses his own money to fund any project..that is why he has cashflow. his wife's condo's in las vegas failed..but Donald's did not
once again, his name is on projects, but his money isn't. ppl pay him to use his name.

linda_jones_1959 Mar 20th 2010 12:07AM

Just as they have always said "the rich get richer and the poor get poorer." They get all the brakes. Here we have all these billionaires getting bailed out and you have your average Joe wondering where he is going to find a job let alone where he is going to live cause the unemployment is running out. Bull s**t thats all it is!

gwilkes2 Mar 19th 2010 12:28AM

Nice post by all........Couldnt have said it better......

Csilla Mar 19th 2010 12:12AM

The government is not doing something right for sure one of the richest man is in trouble , Like i sad before if the goverment would bail us people out and not just the banks all the small business owners would have jobs to build homes we can pay for homes and cars , What is going on is just so sad there are so many people hu take there lifes ower this we need the change that was promised to the people .

marshall Mar 19th 2010 12:59AM

I've met Trumps parents in Brooklyn. His mother was very nice. It's amazing she could give birth to this unscrupulous creep. They must have realigned his brain at business school. Imagine going bankrupt just before the judge decides how much alimony he has to pay.