AgentDrazenPetrovic
Anyone But the Lakers
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http://www.breitbart.com/article.php?id=D96ONQO00&show_article=1
read about this project this morning....actually read about it when they were doing the prospectus. fucking got owned...god damned, this cocky motherfucker...his apprentice bullshit and he's getting his ass handed to him right about now.
wonder if his chicago project will fail too. pretty creepy to see half-finished condo tours....pretty sad in fact.
this is particularly disgusting on several fronts...on both sides of buyer and seller.
read about this project this morning....actually read about it when they were doing the prospectus. fucking got owned...god damned, this cocky motherfucker...his apprentice bullshit and he's getting his ass handed to him right about now.
wonder if his chicago project will fail too. pretty creepy to see half-finished condo tours....pretty sad in fact.
Stephen and Linda Drake cast aside concerns about owning property in Mexico because they believed in Donald Trump.
The Southern California couple paid $250,000 down payment on a 19th-floor oceanfront condo in Trump Ocean Resort Baja in 2006 before the first construction crew arrived.
But admiration for the celebrity developer and star of "The Apprentice" has now turned into anger and disbelief as Trump's luxury hotel-condo plan collapsed, leaving little more than a hole in the ground and investors out of their deposits, which totaled $32.2 million.
"I can't even stand to see Trump's face on TV," says Linda Drake, a psychologist, whose husband is a commercial airline pilot and financial adviser.
Investors were told last month their money was spent and they won't get a penny back. A single mother in suburban Los Angeles lost $200,000 and won't be able to send her sons to private universities. A Los Angeles-area businessman lost a deposit of more than $1 million on four Trump units, including two penthouses.
The project's collapse comes at a delicate time for Trump, whose casino company, Trump Entertainment Resorts Inc., filed for bankruptcy protection last month. He also is embroiled in a lawsuit to avoid paying debt on the struggling Trump International Hotel & Tower in Chicago.
this is particularly disgusting on several fronts...on both sides of buyer and seller.
Trump's condos went on sale when Southern California home prices were near their peak, offering a lower-cost alternative in the Mexican border city of Tijuana. The Trump Organization teamed up with Los Angeles developer Irongate Capital Partners LLC, the partnership behind Trump International Hotel & Tower Waikiki in Honolulu.
Guadalupe Mendoza, 47, paid a $200,000 deposit at the first-day sale in San Diego, refinancing her Downey home and getting a loan from a sister. She watched a giant screen show units getting snapped up.
After signing papers, buyers were ushered to a buffet of sirloin tip and fish tacos. Cheers erupted in the hotel ballroom for each new owner.
"I did it in less than a minute," said Mendoza, an administrator in the Los Angeles County Office of Education. "I remember my head was hurting and thinking, 'My God, what was that?' I was thinking maybe I should have asked questions. It was like a roller-coaster ride."
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