Buyer wants to check out of Trump condo-hotel contract
The Trump International Hotel & Tower project on Fort Lauderdale beach Monday became the latest condo-hotel development to face a legal battle from an unhappy investor.
John Taglieri, of Nahant, Mass., filed a lawsuit asking for his $146,000 deposit back and other damages, alleging that he was misled into signing a contract for a $730,000 unit in 2005. He claims the condo-hotel was marketed to him as an investment but never registered as a “security” and that the venture was not completed on time, according to a 36-page document filed in Broward County Circuit Court.
Developer SB Hotel Associates LLCcould not be reached for comment.
The suit comes amid a slowdown in condo-hotel sales in South Florida amid a nationwide credit crunch and real estate slump.