Trump Facing Foreclosure in Fort Lauderdale

Trump Towers on Fort Lauderdale beach is still incomplete

By Todd Wright
|  Tuesday, Mar 16, 2010  |  Updated 3:21 PM CDT
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Rich and Famous -- and Dogged by the Taxman

The Apprentice, 2004 - Present: Does anyone remember a world without Donald Trump's finger pointing, "You're fired"? The Apprentice pitted aspiring business moguls against one another for a chance at a 250k contract to run one of Trump's businesses. But really, it's the canniving Omarosa's of the world the keep us watching.

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Rule No. 1 of business is be careful what you put your name on. You'd think someone like Donald Trump would know that. We bet his apprentice does.

Now the Donald is part of foreclosure proceedings in Fort Lauderdale as more than 80 disgruntled potential condo owners and a mortgage holder want their money back from the Trump International Hotel & Tower on the beach.

The condo-hotel development has defaulted on the $139 million loan it received for the project, according to the Sun-Sentinel.

The project, which began construction in 2006, is currently unfinished and investors who forked over down payments want their money back. The Trump Towers was supposed to be complete by the end of 2008.

The condo-hotel advertised 284 one bedroom and two-bedroom units ranging in price from from $500,000 to more than $3 million.

It sounded like a good idea at the time, when building was booming in South Florida. Then, the bottom fell out of the housing market and developers couldn't come up with the cash to keep the project going.

The Donald's people claim everybody's favorite head of hair has nothing to do with the project and that Trump only allowed the licensing of his name.

But when people want their money back, they don't care who they get it from.

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