Sunday, March 15, 2009

Trump in Trouble in Mexico and Las Vegas

The Donald is in the dumps. One Trump development project in Baja California, Mexico has gone belly up. Investors there who paid up to $150,000 to reserve a condo in a condo hotel there that was using his rightfully licensed name have been told that there's no way to get their money back. The local developer, PB Impulsores, has not built anything yet. Trump has told the angry buyers that because he is not the developer, he's not liable.

Meanwhile, a joint project -- Trump International Hotel & Tower Las Vegas-- involving Trump and casino tycoon Phil Ruffin is foundering. Word is that the three-quarters of the buyers of its condo hotel rooms have failed to close on their deals. That leaves the project $200 million short in paying off the its construction loan, which comes due this summer, according to the Wall Street Journal.

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