Trump teamed up three years ago with former Hollinger International chairman Conrad Black and former president and chief operating officer David Radler on the real estate venture, which once included office space. However, Black and Radler have since been ousted from the third-largest newspaper publishing company in North America for alleged financial improprieties.
Hollinger International will get $4 million up front and another $69 million in September, when the city's second-largest newspaper vacates the building for leased space at 350 N. Orleans St. The company will book a gain of $37.5 million before taxes.
"The sale of our interest in this project to Trump is an important step forward in ensuring that we maximize value for all of Hollinger International's shareholders," says interim chairman and chief executive officer Gordon Paris. "This agreement marks a strong return on the investment that our company has made in this project, and more than fully reflects the value of the prime real estate that the Sun-Times currently occupies."
The project already is a winner for Trump, who has sold $500 million in condominiums.
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