Saturday, December 17, 2011

Investors trying to back out of Trump Tower in Toronto

Millions in deals could be on the verge of unraveling at the exclusive Trump Tower in Downtown Toronto with just a few weeks to go until Toronto’s newest luxury hotel and condo development is slated to open its doors.

A number of condo purchasers — including many Irish investors who reportedly bought a whole floor of the five-star project being built by Talon International Development Inc. — have tried to back out of deals inked pre-recession (aka the Great Recession).

Recently an American buyer — citing two years of delays in the 60-storey project and “financial difficulties” — won the right from the Ontario Court of Appeal to renege on his $709,000 condo/hotel suite purchase at the landmark Bay and Adelaide property.

The decision could have serious implications for Toronto’s overheated condo industry given the record number of condos — an extra 43,000 units — currently slated for the GTA.

Note: Donald Trump has a history of cheating investors on a constant basis. It is only due to his fancily worded legal contracts that many of his investors never get their monies worth and often lose their shirt in financial deals with him.

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