People who bought condos in Chicago’s Trump International Hotel & Tower at a discount through a “friends and family” program now face a tough decision: back out of the deal or agree to pay a higher price. Trump is forcing these buyers, most of whom worked on the project, to renegotiate their purchase contracts, according to a story in Crain’s Chicago Business.
His reason is self-serving but apparently legal. The condos have appreciated in value since 2003, when he offered the discounts, and he can sell them at a higher price now. Why should buyers profit, when he can score on those gains? Never mind that early sales worked to his advantage by helping him secure bank loans.
One buyer gripes that Chicago shouldn’t stand for this kind of New York-style wheeling and dealing, echoing the complaints that surfaced when the news emerged Trump, in some ways the consummate New Yorker, would build on the site of the old Chicago Sun-Times building, at 401 N Wabash Ave. I’m probably one of the few who misses that bland 1970s box. When you walked through the downstairs hallway you could look through a plate-glass window at newsprint rolling off the presses. Perhaps that’s why Trump was attracted to it.
Trump is an egotistical @ss. I can’t wait until the Chicago Spire goes up, not only because it will be an amazing addition to Chicago and its skyline, but it will shut Trump up too.
Keith,
But we already mentioned that he’s a New Yorker.
This is terrible. His daughter has already said that the project is 50 million under budget, so you can be sure he is making some money.
I can’t believe that he would go after the appreciation. What does a few more million mean to him? Very little. What does the appreciation mean to average joe who bought the place, a lot!
Be a man Trump and abide by your orginal deal.
I think Rosie was right about him. Someone should fire him.
Trump should keep his word. What he did shows a lack of integrity.
“Integrity?” We’re talking about the man Spy magazine defined for all eternity as “The Short-Fingered Vulgarian.” As far as I’m concerned, anyone who buys into any kind of Trump-generated hype ultimately gets what they deserved.
“His daughter has already said that the project is 50 million under budget, so you can be sure he is making some money.
I can’t believe that he would go after the appreciation.”
That’s a crock! He’s doing this to keep his head above water. Trump isn’t anywhere near as wealthy and successful as he makes himself out to be. He’s generates more money from the celebrity he has created for himself than his business dealings.
This is a guy who bankrupted a casino. A CASINO!!!! The odds a stacked in the houses favor 20 to 1 and he couldn’t keep it from going bankrupt. The only casinos that go bankrupt are the ones that the mob ran and that’s because they we’re stealing from them and one ones that are GROSSLY mismanaged (re: Trump).
Roeper in the Sun Times was right about wondering whether you’d want The Donald as your developer. He’s egomaniacal, and now you could say he’s a thief.
AND his hair sucks.
AND-AND his current wife wore one of the ugliest bridal gowns ever custom-designed for a high-profile wedding! Am I the only one who thought she was “channeling” the famous girl-in-a-cake cover of the Tijuana Brass’ 1960s album “Whipped Cream and Other Delights?”
Oh, FF, I see what you mean
This thread is long on name-calling and short on facts.
What, exactly, has Trump done in this scenario that’s illegal? He has a fiduciary obligation to his investors, not to his buyers.
Today’s Tribune has a more complete discussion of the facts.
I’m not a lawyer, but my initial thoughts are that there is nothing in paragraph 12b of the contract that gives Trump the legal right to void these peoples’ contracts, which Trump claims that it does. If I were them, I would definitely sue.
“He has a fiduciary obligation to his investors, not to his buyers.”
But he has a contract with his buyers. If his investors came first then he shouldn’t have cut these sweet deals.