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Trumps keep buyers' deposits from never-built Baja condo resort and run (their usual pattern)

"In the end, nothing at all was built at Trump Ocean Resort, and Simms lost her money. As did about 250 other buyers..." đŸ·


"Simms, then an aerospace purchasing agent living in Canoga Park, said she used her life savings to pay a deposit of just over $50,000 for unit No. 602, a one-bedroom overlooking the Pacific."


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"All told, two years of aggressive marketing yielded $32.5 million in buyer deposits, every bit of it spent by the time Trump and his partners abandoned the project in early 2009 as the global economy was reeling. Most of the buyers sued them for fraud."


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"Condo buyers at troubled Trump towers in Tampa and Fort Lauderdale, Fla., claimed in lawsuits that they too were misled and lost deposits. Students at the defunct Trump University say in fraud suits that they wasted money on worthless real-estate training. Trump’s string of business bankruptcies has stuck suppliers with unpaid bills and banks with uncollectible debts."


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"Most of the Trump Baja condo buyers accused Trump and two of his adult children, Ivanka and Donald Trump Jr., of duping them into believing that Trump was one of the developers, giving them confidence that it was safe to buy unbuilt property in Mexico."


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"Simms, 50, and Sapol, who went to the same party with her husband, Jeff, remembered meeting Ivanka Trump as waiters served canapés."


“She was joking around that she was my upstairs neighbor, and she could borrow sugar from me,” Simms recalled."


...


"“We totally got ripped off,” Sapol said. “We just never thought it wouldn’t get built.”


"In February 2009, buyers’ worst fears came true when an unsigned letter arrived from P.B. Impulsores saying “the project will not be able to proceed” for lack of financing in a dismal economy. No money was left to refund deposits, it said."


Trump’s failed Baja condo resort left buyers feeling betrayed and angry

Los Angeles Times, June 27, 2016

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