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RSS FeedsHow every investor lost money on Trump Tower Toronto (but Donald Trump made millions anyway)
(The Star Food)

 
 

21 october 2017 13:55:27

 
How every investor lost money on Trump Tower Toronto (but Donald Trump made millions anyway)
(The Star Food)
 




Let’s say you’re Donald Trump.It’s 2002 and you’ve agreed to have your name emblazoned across the top of the tallest residential tower in Canada, a $500-million, five-star condo-hotel in downtown Toronto.Here’s the thing: Only months into the project, your lead developer is publicly exposed in the pages of the Toronto Star as a fugitive fraudster on the run from U.S. justice. Your major institutional partner — the Ritz-Carlton Hotel Company — bails shortly after. Your remaining partners in the deal — a group of investors assembled by the criminal who was just outed — include a New York camera store owner, a former Chicago nursing-home administrator, two small-time landlords in Britain and a little-known Toronto billionaire who earned a fortune in the former Soviet Union. The one thing they all have in common — no experience in condo tower development.Do you pull out? For Trump, the answer was no. The billionaire dug in, repeatedly told the world he was investing his own money in the project — claims that would prove false — and gushed about its spectacular promise, knowing his profits were guaranteed. “Nothing like this has ever been built in Toronto,” Trump said in 2004 as he relaunched the stalled project. “It is going to be the ultimate destination for business, pleasure and entertainment.”Fast forward to 2016 and Trump’s Toronto tower is built but bankrupt — a rare failure in Toronto’s booming downtown condo market. In the last decade, more than 400 condominium towers of 14 storeys or more have been successfully built in Toronto, according to records at City Hall. Among those, the half-dozen industry insiders and analysts interviewed for this story could identify only one that went bankrupt after completion: the Trump International Hotel and Tower Toronto.An investigation by the Toronto Star and Columbia Journalism Investigations in New York reve ...
 
11 viewsCategory: Culture > Gastronomy
 
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