Trump Waikiki Beach Buyers Sue Real Estate Developer
This is the same issue that is occurring the Northern Baja Mexico area with Donald Trump, Irongate, and other buyers in that luxury condo project. Among the plaintiffs in this Honolulu lawsuit include six Hawaii couples, the head of a California Meat exporting business, a professional basketball player from New Orleans, and two doctors from San Diego. According to sources, plaintiffs from Japan will be included in the lawsuit.
The real estate sales contract did state that Donald Trump’s name was licensed but it did not list the details of the license arrangement; it did state if the license was ever revoked, removed, or terminated, then all references to the Trump name would be physically removed from the condominium project. There are time deadlines, such as the buyers are under contract with Irongate to close and fulfill their purchase contract by September 1, 2009. Thus, they may risk lawsuits against them from Irongate as well. Things could get very interesting legally.
In regards to the Baja investment project in Baja Mexico, Donald Trump has sued the developer Irongate with failing to build the project after he had licensed his good name there; apparently, Irongate pulled out of that project entirely after funding with Deutch Bank failed in late 2008. Thus, the legal issues with this case, and other similar cases, are pending and should prove to be very interesting in terms of what will happen next. I will do my best to periodically update this blog commentary on the latest Trump real estate law suit news.