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Lenders take control of Fort Lauderdale’s Trump Tower for $100

March 14, 2012 04:30PM

Attorney Joseph Altschul and Trump Tower

Corus Construction Venture took control of the unfinished Trump Tower condo and hotel in Fort Lauderdale for a mere $100, after the minimum bid of $165 million went unmatched.

The figure represents the amount of money Corus Construction Ventures, the successor to the initial lender that folded during the recession, said it is owed by developer SB Hotel Associates.

The conclusion of the auction ends only one half of the controversy surrounding the site. Buyers who made down payments on units in the building are suing Donald Trump for false advertising that made him appear to be the developer.

“These people who paid deposits not only bought in, but they paid probably twice the price per square foot as comparable projects, condo-hotels on Fort Lauderdale Beach, at that time, because of the Donald Trump name,” said the buyers’ attorney, Joseph Altschul.

Trump claims that he had simply licensed his name for the tower. [Local 10]