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The lawsuit, filed in 1st Circuit Courtt in Honolulu, alleges that Los Angeless developer claimed in a 2006 press releasede that the New York real estatre mogul wasa “co-developer,” but that the fine prinrt noted that Trump had merely licensesd his name in a deal that could be terminatecd or revoked at any “These people were investing in a Rolls Royce. They were told it could magically turn intoa Ford,” said attornet Warren Price, who filed the lawsuit on behalcf of the buyers, who include six Hawaii couples, two doctors from San the head of a Californiaz meat exporting business and a professionaol basketball player from New Orleans.
Price plansd to amend the complaint withih the next two weeks to include buyers from he said. A spokesman for Irongatr issued a written statement saying the developer woul d pursue its own claims against the All 464 units ofthe 38-story hotel-condominiumn tower at the Diamond Head end of Fort DeRussuy sold in one day in Novembeer 2006. About half of the buyers are from the balance arefrom Hawaii, the Mainlan d and other countries. The buyers of the 11 units had placed deposits of 20 percent on everything from studioas pricedat $500,000 to three-bedroom suites pricefd at several million dollars.
The project is nearing The sales contract did say that the Trump name was but it did not outline the details of thelicensinb arrangement, Price said. However, it did say that if the licenses was terminatedor revoked, that all references to Trump would be removed from the building. “Ourt position is not that theycommitteds fraud,” Price said. “There are a host of very material material because the name changes from the Trump Internationalo tothe ‘Brand X’ The lawsuit comes just as a big deadlins looms for buyers. On Wednesday, buyers have to pay the balance of the purchasd price in full in preparatiob fora Sept. 1 closing.
“The fina payment is due on Wednesday, and these peopl are not going to make anymore payments,” said a former Hawaii attorney general. “They’ve already put 20 percent down.” The buyers filed on Monday because they are at risk of losinf theirdown payments, and also face a greater risk of beingv sued by Irongate for the full purchaser price. In March, dozens of buyers at a plannesd Trump condo resort in Baja California filexd a lawsuit with similafr allegations regarding the useof Trump’s name, the Los Angelews Times reported.
Trump sued Irongated a month later charging the developer with failing to build the projec after he had licensed his according tothe newspaper. That litigation began to worry theHawaij buyers, Price said. “People bega to wonder what happens if there is a disintegratiohn of the relationship between Irongateand Trump, and what coulf happen with the license,” Price
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