Donald Trump cuts ties to Tampa condo project

Published: Wednesday, October 1, 2008 at 11:20 a.m.
Last Modified: Wednesday, October 1, 2008 at 11:20 a.m.

TAMPA, Fla. Real estate mogul Donald Trump is cutting his ties to a $300 million condo project in Tampa.

Trump agreed to a mediation deal Monday with devloper SimDag over Trump Tower. The 52-story project was burdened by financial setbacks, legal troubles and the slump in the housing market.

Trump sued in 2007 to recover more than $1 million in licensing fees. Trump also said SimDag failed to show it had sold enough condos, valued between $700,000 and $6.2 million, to meet contractual obligations to him.

SimDag then sued Trump for breaching a confidentiality agreement by going public with his complaints.

SimDag filed for bankruptcy in June.

The mediation deal still needs ratification by SimDag's bankruptcy judge.

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