The Real Deal Miami

Lenders foreclose on Trump Hollywood

November 19, 2010 11:15AM

Trump Hollywood, the 40-story, $355 million oceanfront condominium project that debuted last year, this week became the latest development from Jorge Perez and his Related Group to go into foreclosure. Sales had been slow at the ritzy, 200-unit building, where apartments ranged in price from from $1.3 million to $7 million. Related had a $225 million mortgage on the project, which was purchased by Miami-based BH3 for $160 million. The developer will stay on to manage the building and handle sales under the new ownership. Reached by the Sun Sentinel yesterday, Donald Trump, who is listed as a developer on the project’s website, said he is only involved through a licensing deal and was not involved with sales. “I was a little surprised at the timing myself,” Trump said. “Jorge is a professional and he took a big chance.” Trump told a similar story earlier this month when questioned about the Trump International Hotel & Tower in Fort Lauderdale, which is facing foreclosure and a slew of lawsuits from buyers. [Sun Sentinel]