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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