Trump Baja venture leaves buyers high and dry

[sneakypete]

Deposits totaling $32.2 million are lost in the collapse of the celebrity developer's hotel-condo project.

SAN DIEGO — Stephen and Linda Drake cast aside concerns about owning property in Mexico because they believed in Donald Trump.

The Southern California couple made a $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," said Linda Drake, a psychologist whose husband is a commercial airline pilot and financial advisor.

Investors were told last month that their money was spent and that they wouldn'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 and Tower in Chicago.

Trump and his children heavily promoted the northern tip of Mexico's Baja California coast. He sold 188 units for $122 million the first day they went on a sale at a lavish event in a downtown San Diego hotel in December 2006.

"I went out and saw this site, and I was blown away by it," Ivanka Trump said in June 2007. "From the minute I saw it, it was a deal I had to do."

The location was a contrast to more-expensive Mexican coastal markets such as Puerto Vallarta, Los Cabos and Cancun, she said.

The Trumps remained buoyant even as the U.S. housing market began to crumble. Ivanka Trump assured buyers in an October 2007 newsletter that all Trump projects were immune to a slowdown.

"In characteristic Trump fashion, Trump Ocean Resort Baja will be the best of the best, and consequently always in demand," she wrote.

All that remains of Trump Baja is a highway billboard with a large photo of Donald Trump that advertises condos for sale. It hovers over a closed sales center and showroom, a paved parking lot, a big hole that cuts a wide swath, drainage pipes and construction equipment.

Read more at link:

http://articles.latimes.com/2009/mar/07/business/fi-trump7

[EdinVA]

... immune to a slowdown.

Stupid is as stupid does......

[Longiron]

Deposits totaling $32.2 million are lost in the collapse of the celebrity developer's hotel-condo project.

SAN DIEGO — Stephen and Linda Drake cast aside concerns about owning property in Mexico because they believed in Donald Trump.

The Southern California couple made a $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," said Linda Drake, a psychologist whose husband is a commercial airline pilot and financial advisor.

Investors were told last month that their money was spent and that they wouldn'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 and Tower in Chicago.

Trump and his children heavily promoted the northern tip of Mexico's Baja California coast. He sold 188 units for $122 million the first day they went on a sale at a lavish event in a downtown San Diego hotel in December 2006.

"I went out and saw this site, and I was blown away by it," Ivanka Trump said in June 2007. "From the minute I saw it, it was a deal I had to do."

The location was a contrast to more-expensive Mexican coastal markets such as Puerto Vallarta, Los Cabos and Cancun, she said.

The Trumps remained buoyant even as the U.S. housing market began to crumble. Ivanka Trump assured buyers in an October 2007 newsletter that all Trump projects were immune to a slowdown.

"In characteristic Trump fashion, Trump Ocean Resort Baja will be the best of the best, and consequently always in demand," she wrote.

All that remains of Trump Baja is a highway billboard with a large photo of Donald Trump that advertises condos for sale. It hovers over a closed sales center and showroom, a paved parking lot, a big hole that cuts a wide swath, drainage pipes and construction equipment.

Read more at link:

http://articles.latimes.com/2009/mar/07/business/fi-trump7

Another GOOD reason not to vote for TRUMP because it has nothing to do with anything in this election . I guess your next thing you will say is don't vote TRUMP because he has no business sense and  knows nothing at all what he is doing in the business world. However, BUSHIE, GRUZ, checkbook MARCO do?

[sneakypete]

Stupid is as stupid does......

The man is a salesman,nothing more and nothing less.

I have no problem picturing him walking out of the office of a small used car lot,wearing a tiger-striped sports coat with velvet lapels,and approaching a teen looking at a used Mustang and saying "Son,them ain't oil leaks you are seeing under that car! That's sweat from all the horsepower under the hood!"

This sort of thing is all he has done his entire life. It's all he's done so it's all he knows.

[EdinVA]

The man is a salesman,nothing more and nothing less.

I have no problem picturing him walking out of the office of a small used car lot,wearing a tiger-striped sports coat with velvet lapels,and approaching a teen looking at a used Mustang and saying "Son,them ain't oil leaks you are seeing under that car! That's sweat from all the horsepower under the hood!"

This sort of thing is all he has done his entire life. It's all he's done so it's all he knows.

You tell me you are a conservative and believe in personal responsibility, am I right?
Then why should I be upset that some bimbo with more money than brains gambles with her kids private school tuition money?
Besides the fact that there is more to the story than the liberal author chose to print.

Sorry, no matter what you say, not gonna buy it.

[sneakypete]

You tell me you are a conservative and believe in personal responsibility, am I right?
Then why should I be upset that some bimbo with more money than brains gambles with her kids private school tuition money?
Besides the fact that there is more to the story than the liberal author chose to print.

Sorry, no matter what you say, not gonna buy it.

See,that's why I don't bother to look up links for aggressive questioners. People believe what they want to believe.

[Meshuge Mikey]

who's responsible




The gig with his name on the business papers.


hes irresponsible for his irresponsible actions which ended in the collapse  of the business and the los..... of others investments.


we simply don't need  an irresponsible guy as a LEADER

[Meshuge Mikey]

The man is a salesman,nothing more and nothing less.

I have no problem picturing him walking out of the office of a small used car lot,wearing a tiger-striped sports coat with velvet lapels,and approaching a teen looking at a used Mustang and saying "Son,them ain't oil leaks you are seeing under that car! That's sweat from all the horsepower under the hood!"

This sort of thing is all he has done his entire life. It's all he's done so it's all he knows.

[EdinVA]

People believe what they want to believe.

Including you.....

[Scottftlc]

The man is a salesman,nothing more and nothing less.

This sort of thing is all he has done his entire life. It's all he's done so it's all he knows.

Hold on, time out here...you are on a political site, talking (when you are talking about presidential candidates) for the most part about LIFELONG politicians.

And you say Trump is a salesman, nothing more and nothing less..etc.

And you are talking about (other) candidates that have spent their careers taking money from people in order to promote themselves and their careers.

What exactly is it that you think lifelong politicians are???

[ABX]

Hold on, time out here...you are on a political site, talking (when you are talking about presidential candidates) for the most part about LIFELONG politicians.

And you say Trump is a salesman, nothing more and nothing less..etc.

And you are talking about (other) candidates that have spent their careers taking money from people in order to promote themselves and their careers.

What exactly is it that you think lifelong politicians are???

Thanks for that point. So now that we all agree that Trump really is no different than lifelong politicians (ie establishment), just selling out to whatever deal tickles his fancy, we can get past the false belief he is somehow different or an outsider and get down to the important issue.

Who will preserve, protect, and defend the Constitution of the United States of America? Who will promote limited government and maximum individual liberty? Who will be an honorable Commander in Chief of the United States Armed Forces to the young men and women swearing an oath at the recruiter's offices and not treat their lives they are sacrificing for this country as pawns for their whims?

[Scottftlc]

Thanks for that point. So now that we all agree that Trump really is no different than lifelong politicians (ie establishment), just selling out to whatever deal tickles his fancy, we can get past the false belief he is somehow different or an outsider and get down to the important issue.

Who will preserve, protect, and defend the Constitution of the United States of America? Who will promote limited government and maximum individual liberty? Who will be an honorable Commander in Chief of the United States Armed Forces to the young men and women swearing an oath at the recruiter's offices and not treat their lives they are sacrificing for this country as pawns for their whims?

It's all sales - all business, all politics.  If you are in business, you are in sales.  You sell a product or a service.  If you are in politics, you are in sales - you are selling yourself.  So you are criticizing Trump as selling whatever tickles his fancy - when that is something that everyone in every walk of life everywhere - including I would dare say YOU YOURSELF do in order to make it in the world.

You want to go find someone who isn't selling something?  Check out the millions on the government dole (if you can ignore the stuff they are selling on the black market).  Your play on protecting and defending the Constitution with an honorable person who isn't selling themselves is absolutely laughable.  There hasn't been a president of the United States who isn't a salesman.  We force them to be.

Good Lord people, this is simple ignorance based on your personal dislike for an individual.  Then go find a candidate that ISN"T a salesman. Good luck.  This line of attack is ludicrous and downright beneath anyone's intellect.

[aligncare]

It's all sales - all business, all politics.  If you are in business, you are in sales.  You sell a product or a service.  If you are in politics, you are in sales - you are selling yourself.  So you are criticizing Trump as selling whatever tickles his fancy - when that is something that everyone in every walk of life everywhere - including I would dare say YOU YOURSELF do in order to make it in the world.

You want to go find someone who isn't selling something?  Check out the millions on the government dole (if you can ignore the stuff they are selling on the black market).  Your play on protecting and defending the Constitution with an honorable person who isn't selling themselves is absolutely laughable.  There hasn't been a president of the United States who isn't a salesman.  We force them to be.

Good Lord people, this is simple ignorance based on your personal dislike for an individual.  Then go find a candidate that ISN"T a salesman. Good luck.  This line of attack is ludicrous and downright beneath anyone's intellect.

Well reasoned. Dead on accurate.

[aligncare]

If you're not swinging the bat, you've got no chance of hitting a home run.

[sneakypete]

Including you.....

Does that mean believing in magic is the same thing as believing in sunshine?

[sneakypete]

Hold on, time out here...you are on a political site, talking (when you are talking about presidential candidates) for the most part about LIFELONG politicians.

And you say Trump is a salesman, nothing more and nothing less..etc.

And you are talking about (other) candidates that have spent their careers taking money from people in order to promote themselves and their careers.

What exactly is it that you think lifelong politicians are???

Ok,my apologies,and my thanks for refining a valid point of view. If politicians ain't salesmen selling themselves,they ain't nothing.

Still,a few are more honest than others. They are the ones you never see on the Sunday talking head shows.

[ABX]

Good Lord people, this is simple ignorance based on your personal dislike for an individual.  Then go find a candidate that ISN"T a salesman. Good luck.  This line of attack is ludicrous and downright beneath anyone's intellect.

It isn't that he is a salesman, it is because he can't be trusted. His history is one of the worst corrupt crony corporatism selling out his name and his endorsement to the dumbest or worst of ventures and to the most despicable of partners. His history is one who will fly off the handle and chase whims without consequence of who it harms or the long term impacts- a prospect that should send chills down the spine when you think about our troops whose lives will be at the mercy of his whims. His history is one of overtly lying (he calls it Truthful Hyperbole in The Art of the Deal) to get the deal and then worrying about the consequences later.  His history shows little respect for the Constitution, limited government, and individual liberty. On the contrary, his history shows he'll walk all over that if needed.

I would love a good, honest salesman whose history is in the free market. I was a huge (or is it yuge now) supporter of Steve Forbes when he ran. The difference between the two is one actually respects the Constitution and individual liberty and works within the confines of true Capitalism and the other disregards it for the deal.

[sneakypete]

Good Lord people, this is simple ignorance based on your personal dislike for an individual.  Then go find a candidate that ISN"T a salesman. Good luck.  This line of attack is ludicrous and downright beneath anyone's intellect.

Give your "holier than thou" act a rest. We all know there is a difference between someone that "talks up" their product by dancing right up to the line of lying,and then backs off,and someone that will tell any lie and break any law to achieve their goals.

Then there are those that do things like launder Nazi money (Bush) sell secrets to the Chinese (Clinton AND Bush) or start wars to protect the Saud family (Bush). They may be equal as criminals and equal crimes in YOUR mind,but not in mine.

Granted,this is all old news now,and Hillary says we all need to move on,but we should NEVER forget this in order to maybe prevent it from happening again in the future.

[Bigun]

It isn't that he is a salesman, it is because he can't be trusted. His history is one of the worst corrupt crony corporatism selling out his name and his endorsement to the dumbest or worst of ventures and to the most despicable of partners. His history is one who will fly off the handle and chase whims without consequence of who it harms or the long term impacts- a prospect that should send chills down the spine when you think about our troops whose lives will be at the mercy of his whims. His history is one of overtly lying (he calls it Truthful Hyperbole in The Art of the Deal) to get the deal and then worrying about the consequences later.  His history shows little respect for the Constitution, limited government, and individual liberty. On the contrary, his history shows he'll walk all over that if needed.

I would love a good, honest salesman whose history is in the free market. I was a huge (or is it yuge now) supporter of Steve Forbes when he ran. The difference between the two is one actually respects the Constitution and individual liberty and works within the confines of true Capitalism and the other disregards it for the deal.

I don't want Donald Trump, Hillary Clinton, or Bernie Sanders anywhere near the appointing of federal judges much less SCOTUS judges!

[aligncare]

I don't want Donald Trump, Hillary Clinton, or Bernie Sanders anywhere near the appointing of federal judges much less SCOTUS judges!

Too late. There's a good chance that will happen.

[Bigun]

Too late. There's a good chance that will happen.

Not if I can prevent it!

[aligncare]

Not if I can prevent it!

Good luck on that. 

[Bigun]

Good luck on that. 

Thanks! 

[Scottftlc]

His history is one of the worst corrupt crony corporatism selling out his name and his endorsement to the dumbest or worst of ventures and to the most despicable of partners. His history is one who will fly off the handle and chase whims without consequence of who it harms or the long term impacts- a prospect that should send chills down the spine when you think about our troops whose lives will be at the mercy of his whims. His history is one of overtly lying (he calls it Truthful Hyperbole in The Art of the Deal) to get the deal and then worrying about the consequences later. 

Whereas, I see a businessman who has largely been extremely successful and with no hint of the issues that so many businessmen who have been so successful have had.  He chases whims.  Certainly.  So have I, so has Bill Gates, so has Paul Allen (many of them highly unsuccessful in the end), so did Steve Jobs, so has Warren Buffett.  Are you asking for only the players that have had perfect seasons...batted 1.000, won every, game every year, never thrown an interception?  Going to be a pretty short list...haven't seen any of those running...ever.

I believe we have a very different viewpoint of human nature, you and I.  Everyone lies.  That is human nature.  Every candidate for president lies. Truthful Hyperbole is at least an artful way of describing what happens in almost every single human transaction.  When I think of our troops? I feel very confident that with Trump you would not see an Iranian video like came out today.  Not without serious consequences.  I supported George W. Bush, so when I think about our troops being subject to the whims of a president - I don't really have to go any further than there to see that lifelong establishment politicians can be extremely brazen about their "whims" when it comes to lives of the troops.

[Bigun]

Whereas, I see a businessman who has largely been extremely successful and with no hint of the issues that so many businessmen who have been so successful have had.  He chases whims.  Certainly.  So have I, so has Bill Gates, so has Paul Allen (many of them highly unsuccessful in the end), so did Steve Jobs, so has Warren Buffett.  Are you asking for only the players that have had perfect seasons...batted 1.000, won every, game every year, never thrown an interception?  Going to be a pretty short list...haven't seen any of those running...ever.

I believe we have a very different viewpoint of human nature, you and I.  Everyone lies.  That is human nature.  Every candidate for president lies. Truthful Hyperbole is at least an artful way of describing what happens in almost every single human transaction.  When I think of our troops? I feel very confident that with Trump you would not see an Iranian video like came out today.  Not without serious consequences.  I supported George W. Bush, so when I think about our troops being subject to the whims of a president - I don't really have to go any further than there to see that lifelong establishment politicians can be extremely brazen about their "whims" when it comes to lives of the troops.

Are you honestly comfortable with the prospect of Donald Trump making the next several SCOTUS appointments?