Donald Trump has settled a lawsuit with more than 100 would-be condo buyers who lost millions of dollars when a Trump-branded luxury condominium project in Baja California failed.
Bart Ring and Daniel King, attorneys who represented the buyers, declined to discuss details of the settlement because of a confidentiality agreement.
“The group of plaintiffs is very pleased with the outcome,” Ring said.
A Trump spokesman declined to comment.
The Trump Ocean Resort Baja Mexico, south of Tijuana, was planned as a luxury high-rise resort with panoramic views of the Pacific Ocean, swimming pools, tennis courts and fine dining spread over 17 acres of coastal property.
Would-be condo buyers, many from Southern California, paid millions of dollars in deposits to secure units in the development. But the project failed in 2008 amid the financial crisis that curtailed real estate lending. The property was foreclosed on before construction began.
More than 100 would-be condo buyers filed suit in 2009 against Trump and his developer partners in the project. Last year, the developers agreed to pay $7.25 million to resolve their liability in the case.
Trump told The Times that the developers were to blame, saying he merely licensed his name to the 525-unit oceanfront project and was not involved in building it.
It was not an unusual arrangement for Trump. He made his name in real estate and casino development but now is best known for his reality TV hit, “The Apprentice,” and frequently licenses his name to real estate projects that are managed by other developers.
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