X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BAJA CALIFORNIA, MEXICO-Donald Trump is suing a Baja California luxury condo developer after the developer decided not to build its proposed development here. Trump had lent his name to the project and was named in a lawsuit which purports that the developers took $32 million in deposits without ever starting construction, according to published reports.

Trump is suing the developers Irongate LLC, asserting that the developers–Jason Grosfeld and Adam Fisher–filed in their contractual obligation to protect the Trump brand under a licensing agreement. Reports list the suit–filed in the Manhattan Federal Court–as seeking between $40 million and $50 million from Irongate.

Trump had originally pulled out of the project in February citing that the developer had run out of money, but last month was pulled back into the fray when he was named in the lawsuit to recover the condo deposits from future tenants of the proposed Trump Ocean Resort Baja Mexico.

Trump has had his own fair share of trouble over the past year with a pause in construction on the Trump International Hotel and Tower on Palm Jumeirah, the world’s tallest skyscraper, disagreements over the Encap project in New Jersey, along with a bankruptcy filing for Trump Entertainment in mid-February.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.