X
X
Where did you hear about us?
The monthly magazine providing news analysis and professional research for the discerning private investor/landlord

Trump loses millions of dollars in deposits

Donald Trump was sued 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 totalling between US$18-20m, said Bart Ring, their lawyer.

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.

The 197-page complaint recently filed in Los Angeles Superior Court seeks unspecified damages against Trump, his children and others including the Los Angeles developer Irongate Capital Partners.

The lawsuit accuses the New York real estate developer and reality television star of fraud, negligence, unjust enrichment and violating federal disclosure laws.

If you want to read more news subscribe

subscribe