Donald Trump No Longer Involved With Ft Lauderdale Condo

Donald J. Trump said he's no longer affiliated with the unfinished luxury condo-hotel tower on Fort Lauderdale beach that was to be called "Trump International Hotel & Tower". Trump had a licensing deal that was terminated. The building now faces foreclosure.

Over 100 people plunked down 20 percent deposits to buy condos in the luxury Trump tower, units priced from about $500,000 to more than $3 million each. Most of those buyers are suing, trying to get their deposits back or place liens on the unfinished building. Many charge that developers misrepresented Trump's involvement and their lawyers claim promotional materials suggested Trump was a partner, not only licensing his name.

Trump Hollywood Foreclosure Final

Lenders foreclosed last week on the 200-unit luxury condominium project "Trump Hollywood," a 41-story beachside tower in Hollywood, north of Miami Beach.

The foreclosure ends a lengthy debt restructuring by developer Jorge Perez and Related Group of Florida. Related Group, founded in 1979 by Perez and New York developer Stephen Ross, will continue to manage and market condos. Sales have closed on 25 of the 200 units, which were listed at prices ranging from $900,000 to $7 million

The luxury condo project offered condominiums with prices ranging from 1 million to 7 million dollars. Units could be purchased with an initial downpayment of 20 percent of a given property's value and a mortgage on the remainder, but with the recession and sharp fall in property values, only 25 of the units were sold.