Courtesy of the Toronto Star
“Developers of Toronto’s Trump International Hotel & Tower have launched lawsuits against seven investors in an effort to force them to close on deals for condo-hotel suites some claim haven’t turned out to be the Hollywood gold buyers were expecting.
The legal move by Talon International Inc. comes at the same time that a London, Ont. doctor is seeking $750,000 in damages for “misrepresentation,” unless he can get back deposits on the hotel suite he bought in the ill-fated project back in 2009.
The court wrangling is just the latest round of problems to curse the celebrity hotel and condo project at Bay and Adelaide Sts.
Dozens of purchasers of suites in the 65-storey luxury hotel are now trying to get deposits back and renege on final payments averaging over $500,000.
Other buyers, some too frightened of the legal ramifications to walk away from deals penned up to seven years ago, say they are finding themselves in a crippling Catch-22 — unable to sell the units or secure mortgages on balances due to Talon Nov. 29.
“One mortgage company asked me, ‘How could I give you a mortgage on a property that is losing money every single day?” said one devastated buyer, a blue-collar worker who borrowed the $175,000 down payment from his immigrant parents and owes $750,000 at month’s end.”
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