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Tilda Versus Trump Over Scottish Golf Course

Filed under: Real Estate Developments


It's a ginger battle royale. Oscar-winning actress Tilda Swinton has come out in support of the campaign to stop Donald Trump from building his billion-dollar golf resort near Aberdeenshire, Scotland. Swinton lent her star power in favor of the four hold-outs who have refused to surrender their land to Trump's ambition. She compared the government attempt to push the landowners into selling their land to the notorious "Highland Clearances" of the 18th and 19th centuries when many tenants were pushed off their ancestral lands in favor of rich landowners.

As part of a statement quoted in Page Six, Trump claimed to have never heard of the actress and accused her of using the situation in order to get "some easy publicity for herself." It's a pretty silly claim given that the androgynous actress is notoriously reclusive. Trump also did some name dropping of his own saying that Sean Connery is in support of the project.

Whose Side Are You On?

Trump Continues To Fight Angry Scots

Filed under: Real Estate Developments

Michael Forbes will not go quietly. Forbes is just one of the angry homeowners on the fringes of the Menie Estate in Aberdeenshire, Scotland, the area soon to be the home of Donald Trump's billion-dollar golf resort. Four homeowners are facing the prospect of compulsory purchase orders to buy their houses because their land is to be part of the Trump development. The homeowners plan to challenge the decision by a local committee to grant the Trump Organization permission for the land in Scottish court.

The Scotsman says that says Donald Trump, Junior and George Sorial paid a visit to Michael Forbes' home this week and were chased away. Forbes, who has been fighting against the Trump development for two years, told the Scotsman that he thinks it is a revenge situation now and that Trump wants everyone who was against him out of the area, a scenario that seems plausible since Trump isn't exactly known for having a warm and fuzzy business style.

Will Donald Trump Get His Atlantic City Casinos Back?

Filed under: Real Estate Developments

donald trumpDonald Trump is eager to once again have control of Atlantic City casinos but the road to ownership might be a bit challenging. The Wall Street Journal says that while Trump has reached an agreement with Trump Entertainment Resorts Inc., which is in Chapter 11, the deal is fraught with difficulty. Trump's sale must first get the approval from a bankruptcy court judge and he will also have to appease bondholders who the WSJ says hold about $1.25 billion in second-lien debt and could lose that money if Trump's deal goes through. Trump and the firm's top lender, Beal Bank, agreed to invest $100 million in the company and Beal will extend the terms of a $486 million loan until December 2020 from 2012. The question of what the casino company is actually worth may be key to figuring out what its future will be. Trump is a savvy businessman and may have chosen to act now because he thought he could get his company back for a low price.

Donald Trump Selling In Beverly Hills

Filed under: Estates, Celebrity Shopping


If there's anything Donald Trump believes in, it's that real estate in a good location will always have its value. That might explain why he picked a Colonial style mansion in Beverly Hills with a Rodeo Drive address. The Real Estalker dishes that Donald Trump bought the home last summer and has put it back on the market for $12 million. The home itself is a 10,442 square foot mansion located close to the Beverly Hills Hotel. The home was built in 1981 and the property includes a pool and tennis court.

The listing shows this property as 'looking for backup' and the Real Estalker Mama says that is is in escrow after less than two weeks on the open market. It is unknown if Trump ever lived in the six-bedroom home or even ever set foot inside. The listing says the over 31,000 square foot lot is an "excellent development opportunity" so I think we are looking at a teardown on this one.

Another Lawsuit Over The Value Of The Trump Name

Filed under: Real Estate Developments

donald trumpOnce again the use of the Donald Trump name has gotten a developer in trouble. Earlier this year angry investors sued Donald Trump and Los Angeles developer Irongate Wilshire over the failure of the Trump Ocean Resort Baja Mexico. Now some of the buyers at the new Trump International Hotel & Tower Waikiki Beach Walk have filed a lawsuit looking to get out of their sales contracts. Once again they said that Irongate misrepresented Donald Trump's role in one of their projects. The sellers claim that Irongate said in 2006 that Donald Trump was a co-developer of the 38-story project but that the developer had only licensed the Trump name. The lawsuit alleges that Irongate concealed the terms of the license. The popular project set records in 2006 when sales opened and the units sold out in a single day with units selling for millions of dollars.

The lawsuit says that the buyers were only told right before final deposits were due that the project was Trump in name only. This led to concerns about the worth of the real estate if Trump pulls his name from the project. The AP reports that the lawsuit will be amended to add more buyers. The Trump name was also involved in a similar lawsuit in Florida. Trump is not named in these lawsuits but certainly they must bolster his belief in the value of his name and brand.

Trumps's Former Palm Beach Mansion Part Of Major Divorce Dispute

Filed under: Estates, Crimes and Misdemeanors

palm beach mansion
The mansion that Donald Trump sold in Palm Beach, Florida last year might be at the center of a major divorce battle. Russian billionaire fertilizer mogul Dmitri Rybolovlev and his wife bought the house for $95 million back in 2008. Now Elena Rybolovlev says her husband has been unfaithful and she wants 50 percent of the couple's marital assets, a number she puts between $6 billion and $12 billion. One of the items at issue will be the 33,000-square-foot property. She has asked the court to take jurisdiction over property because she is worried her husband will begin hiding and transferring his assets. Already she says that an art and furniture collection worth around $670 million has been moved out of her reach.

The Palm Beach Post reports that in July 2008, through County Road Property, Rybolovlev paid $95 million cash for the home. Trump had bought the mansion for $41.35 million in 2004 and restored it, asking at one point, for $125 million for the home. Rybolovlev said he purchased the mansion as an investment, the couple spend most of their time in Switzerland. If he has to sell he might be in trouble. For a while Palm Beach was faring well amidst Florida's real estate turmoil but lately it seems like the bigger mansions are slower to move. One that we've been keeping an eye on, Casa Nana, has been on the market for $72.5 million since last summer. Check it out in the gallery below.

Quarrels Continue Over Trump's Golf Project In Scotland


Donald Trump may have won the Scottish government's approval to build a massive seaside golf resort in the Highlands, but squabbles over the project continue. In an amusing column by Sarah Lyall, who delights in chronicling the quirkiness of British culture, The New York Times reports that Michael Forbes, the local fisherman and quarry worker whose 23-acre property lies within Trump's proposed development, is standing firm in his refusal to sell the land he's lived on for 41 years. He's painted a big anti-Trump motto on the side of his barn and won't even open mail from Trump's people. Trump calls Forbes' property, which includes a series of weathered outbuildings, a "monstrosity" that should be improved or condemned. In another twist, a Scottish architecture magazine derided Edinburgh's preliminary approval of Trump's plans by bestowing its Pockmark Award for the year's worst planning decision. The $1.5 billion development, which Trump says remains on track and could break ground in early 2010, calls for two 18-hole golf courses, a 450-room hotel, 950 vacation homes and 500 single-family homes. The property sits along the North Sea, eight miles north of Aberdeen.

Back in the States, Trump's also making news with this golf plans. He purchased the Lowes Island Club in Loudon County, Va., outside Washington, earlier this year and has vowed to renovate its two courses so well as to attract a PGA Tour event. He's also announced new initiation fees: $75,000 for regular golf memberships, $175,000 for corporate memberships, and $25 for social, or nongolf, memberships.

Trump Takes On Developers In Baja Building Gone Bust

Filed under: Real Estate Developments

Last month angry investors sued Donald Trump and Los Angeles developer Irongate Wilshire over the failure of the Trump Ocean Resort Baja Mexico. Now Trump is fighting back with a lawsuit of his own. His lawsuit accuses Irongate Wilshire's principals of not following through on the plans for the five-star resort which bore his name.

Would-be owners of the condos are asking the courts for the return of $32 million of down payments made in 2006 and 2007. Trump's suit is for $40 million in compensatory and punitive damages and that the lawsuit will help buyers get their money back. The LA Times reports that Trump felt "unfairly targeted" by the buyers' lawsuit because he was not a developer of the project, it was just using his name but that he doesn't like to see people lose money. The owners just want their money back whether it comes from Trump or anyone else.

Trump Speaks Out On Proposed Millionaires Tax

Filed under: Wealth


First Rush Limbaugh vowed to sell his home in New York City because of the new millionaire tax, now Donald Trump has come out against the tax hikes. Trump was recently on the Neil Cavuto show where he said that he believes the tax will be a "total disaster for the state."

Trump went on to tout the benefits of Florida and its governor, Charlie Crist. While Trump isn't threatening to leave New York he says that it doesn't make sense for people to have to pay millions in taxes especially if they make the money elsewhere. Trump claims to have spoken to "literally 25 to 30 people" that are considering leaving New York.

Who Will Be Next To Vow To Leave New York?

Will Trump Save the Yellowstone Club?

Filed under: Estates, Celebrity Shopping


We've certainly chatted about this Montana millionaires' resort over the past six months as it filed for Chapter 11 and then finally for bankruptcy. Now, with bids to purchase the property due in the next month, offers are emerging with interest even expressed from Donald Trump. Although Trump isn't aggressively pursuing the Club, considering its many extensive issues, he is investigating the possibility of associating the Trump name with the golf and ski resort. If the club isn't purchased, what then?

Angry Investors Take On Trump

Filed under: Real Estate Developments

trump baja
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.

This isn't the first time Trump's selling of his well-recognized name has gotten him in trouble. Last June, condo buyers filed a lawsuit against the developers of the Trump Towers complex in Sunny Isles Beach, Fla. for using the Trump name to attract buyers. That project is also not being developed by Trump and per the terms of the agreement Trump's name can only be used temporarily and could be changed once the buildings are completed. Based on this information and a fear that the condos will be worth less without the Trump brand, buyers sought cancel sales contracts worth over $100 million and to have around $20 million in deposits returned. Donald Trump was not named in the suit.

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.

Donald Trump Flees His Atlantic City Empire

All is not well in the world of the Donald. As Bloomberg reports, Donald Trump and his daughter Ivanka stepped down from the board of Trump Entertainment Resorts Inc. as the company faces a possible bankruptcy next week. Trump, who was chairman of the board, now says he has no idea whether or not there will be a bankruptcy filing. It seems likely. Trump Entertainment has to make a $53 million bond payment by February 17th. The company has already extended this due date four times sine the grace period was up at the end of last year. If an agreement can't be reached either the company will file bankruptcy or the bondholders could force it into involuntary bankruptcy.

Donald Trump still controls 28 percent of the stock. He offered to buy the rest of the company but was turned down by bondholders. Trump Entertainment's three casinos have already been through bankruptcy twice and Trump is reportedly not too happy about having his name attached to a company that could be going down the tubes. The company which was once worth $842 million is now worth just $7.3 million, a mere pittance in Trump terms.

Also at issue is the continued implosion of the Atlantic City resort economy. Gambling fell by 7.6 percent in 2008 as some gamblers stayed away and others went to casinos in other states. Major casinos in the area have either stalled out mid-construction or had to make deep layoffs. The Borgata cut 400 jobs in November and the $2.5 billion Revel casino project may be delayed for at least a year. Even without massive debt, Trump's three Atlantic City casinos would be facing a tough time. Given the economic climate and the amount of money owed it seems they may be doomed.

Gallery: Atlantic City

The BorgataThe Piers at CaesarsRevel EntertainmentMGM GrandThe Grand at Diamond Beach


Trump Denies Trouble In Scotland

Filed under: Real Estate Developments


It was only in November that Donald Trump finally got approval for his billion dollar golf resort development in Scotland but there are already rumors of trouble. At the tail end of 2008 a flurry of reports came out saying that the housing component of the resort, 500 luxury homes, was on hold due to the global economic crisis. But an George Sorial, managing director for international development for the Trump Organization says this is untrue. He says the project was always going to be done in phases and the residential part was already planned to be the last part. He says that it is schedule this way because the A90 road needs to be widened in order first in order to avoid potential traffic issues. In fact, he says it's a great time to be building because labor is plentiful and the cost of materials is going down. Some wonder though, given Trump's recent troubles, if this isn't just a lot of bluster.

Trump's Baja Project In Trouble

Filed under: Real Estate Developments


For a couple of years, I've thought of Donald Trump's Trump Ocean Resort on the Baja Mexico coast as a sign that the northern part of the Baja peninsula was becoming a more upscale destination. It seems I may have spoken too soon. Now the three-tower destination resort many never even get off the ground. The San Diego Union-Tribune reports that the developers of the Trump Ocean Resort in Baja California have lost their financing for the project and it may be some time before a new lender can be found.

Those who bought into the project put 30 percent down on units that ranged in price from studios in the mid-$300,000s to $2.5 million for a penthouse may not be able to pull out their money. The towers were supposed to be ready for occupancy by the end of this year but those who bought in have now been told the completion date is slated for 2012. Angry buyers are considering filing a class-action lawsuit for breach of contract. The Trump Organization is a licensor of the project and not the developer but the Trump brand name was an assurance for those who invested their money in the potential development.

Trump Prevails In Scotland

Filed under: Real Estate Developments


If there's anything I've learned it's that you don't bet against the Trumpster, he usually get what he wants. And yet I thought he was going to be out of luck when it came to claiming a slice of Scotland to build a golf course. After a long struggle, however, Trump has been granted approval for his planned £1 billion golf resort in Aberdeenshire from the Scottish government. Environmentalists have been fighting the development because it impinges on protected sand dunes. Last November, the project was rejected by a local council committee but Trump was in Scotland earlier this year to fight for his development. Since then the project has been reviewed by the Scottish government and it has been deemed that there is a large enough economic and social benefit to justify the construction. Trump still has to gather capital and all the land necessary, things that have been proven to be easily surmountable obstacles for him in the past.


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