Donald Trump yesterday sued the development firm Dominican Republic Cap Cana S.A. and its owners in a nearly $6 million suit, the New York Post reported. The developers allegedly ripped off Trump on the licensing fees to have the 8,000-acre oceanfront Trump at Cap Cana resort bear the Donald’s name.
Trump also claims in the suit that the Cap Cana developers stopped sending monthly sales reports to the Trump Marks Real Estate following the 2008 market crash.
According to the suit, “Cap Cana claimed that it had squandered the funds that it had received from buyers and lacked sufficient capital to pay Trump Marks any portion of the license fees which were admittedly owed months earlier.”
Cap Cana did not respond to the Post’s requests for comment.
As previously reported this spring, Trump made some more-risky real estate investments this year. In addition to his purchase of the Doral Golf Resort and Spa, for $48 million, he bought out Fortress Investment, his junior creditors at the Trump International at Tower Chicago condominiums. [Post] – Zachary Kussin