Even Donald Trump faces foreclosure in US
Todd Wright from NBC writes about Donald Trump's foreclosure problems in Fort Lauderdale, as some 80 disgruntled potential condo owners and a mortgage holder want their money back from the Trump International Hotel & Tower on the beach. The condo-hotel development has defaulted on the $139 million loan it received for the project, according to the Sun-Sentinel. The project, a condo-hotel with 284 one bedroom and two-bedroom units, was launched in 2006, but is currently unfinished. Investors want their money back. The Trump Towers was supposed to be complete by the end of 2008. The price per unit range from $500,000 to more than $3 million.
Trump's people claim their company has nothing to do with the project and that Trump only allowed the licensing of his name.
As the author points it out, rule No. 1 of business is be careful what you put your name on.
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