Trump Ocean Resort Baja Mexico
| Trump Ocean Baja Mexico The Spa Tower | |
|---|---|
| General information | |
| Status | Abandoned |
| Type | residential, hotel |
| Location | Playas de Tijuana, Tijuana |
| Construction started | 2007 |
| Height | |
| Roof | 98 metres (322 ft) (projected) |
| Technical details | |
| Floor count | 27 |
| Design and construction | |
| Developer | The Trump Organization and Irongate |
Trump Ocean Resort Baja Mexico was a failed luxury condominium-hotel resort located in the Playas de Tijuana borough of Tijuana, Baja California, Mexico, just 30 minutes south of downtown San Diego.
It was initially announced in 2006 as a joint venture between the Trump Organization and Los Angeles-based real estate development company Irongate. Investors were led to believe that Trump CEO Donald J. Trump was personally supervising the entire project; Trump's daughter Ivanka stated that the elder Trump was "involved in every capacity."[1]
This was the second Trump-Irongate joint venture, and followed the more successful Trump International Hotel and Tower (Honolulu) venture.
The project was to be a 3 tower, 25 story, 526 unit condo-hotel.
In late 2008, with the project experiencing delays and cost overruns, Trump removed his name from the development.
In early 2009, The Associated Press reported[2] that the project had collapsed financially; investors who had put down deposits on the project condos faced a total loss of their investments (typically $200,000 - $300,000 per person). After its collapse, Trump (whose videos promoting the development had been shown to potential investors) suddenly claimed that he had been little more than a spokesperson for the entire venture, and disavowed any financial responsibility for the debacle.[3]
In the litigation that ensued in a California court, Donal Trump, his son Donald Trump Jr., his daughter Ivanka Trump and the Trump Organization were named as defendants citing violation of Federal and State law.
After 4 1/2 years of litigation, Trump settled the lawsuit against him in November 2013, for an undisclosed amount. Trump's developer partners, Jason Grosfeld, Adam Fisher and Irongate Developers had earlier settled with the buyers for $7.25 million.[4] The attorneys representing almost 200 buyers in the litigation venued in Los Angeles County were Bart I. Ring and Daniel J. King.
See also
References
- ↑ http://www.breitbart.com/article.php?id=D96ONQO00&show_article=1
- ↑ "Trump Baja venture leaves buyers high and dry". Los Angeles Times.
- ↑ "Buying a Trump Property, or So They Thought". New York Times.
- ↑ Pfeifer, Stuart (November 27, 2013). "Donald Trump settles lawsuit over Baja condo resort that went bust". Los Angeles Times. Retrieved December 10, 2015.
External links
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