Donald Trump- EPIC FAIL

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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.

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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Its kind of crazy, my parents got a condo out here in LA a few years ago....a few of the places they were looking at...some were "condo conversions"..meaning they were apartments being turned into condos.....a few of them actually turned back into apartments because no one bought them...pretty sad considering the remodels they had to go through to make them into condos...probably lost a pretty penny. I know a few people that were bought out of their apartments due to the owners wanting to convert them to condos to cash in on the real estate boom.
 
That Ms. Mendoza deserved to lose every penny.
 
the whole scenario...you have a pitch room, then they meet with closers....they make a rash decision then they are ushered into the "celebration room". god, i'd never gone to timeshare programs but is this what they're like? half the people "buying" were probably planted by Trumps people to lower other people's guards.

at least they got some free food?
 
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Ouch. Losing $250,000 is no laughing matter. I may have overspent a little on some property I bought last summer, but this story helps me put things in perspective. I should be able to get back all of my money and probably more when I sell, but that couple is apparently out $250,000 and won't ever see it again. That's the kind of thing you lose sleep over and get ulcers from.
 
I thought that as a non Mexican, you can't own property in Mexico.
 
I thought that as a non Mexican, you can't own property in Mexico.

you set up a trust of some sorts for like 100 years and they renew automatically or something like that. canadian trust i think? something fishy like that.
 
Before the real estate went into the shitter, Trump and Co. was looking at Portland for possible Trump-development.
 
Maybe they should have looked at the previous companies trump ran into bankruptcy instead of a glamorous guy on a TV show.
 
nah, he's the ultra-premium brand for everything! class! gold! trump is so fucking tacky, what a shit.
 
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