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Here's an update on our recent program on the local high-rise market:
The Atlanta attorney representing some 400 owners of 300 units at Trump Las Vegas filed for arbitration Wednesday in Clark County, claiming prospective buyers didn't get what they were told to expect. The buyers also filed a complaint with the Real Estate Division of the Nevada Department of Business and Industry, claiming that Donald Trump obtained an unwarranted exemption from the state that violates consumer protection standards.
Attorney Ben Easterlin of King & Spalding LLP, says escrow deposits for his clients exceed $40 million.
Among the alleged misrepresentations made by Trump to buyers - that Trump Las Vegas is a 64-story tower, when it is only 56 floors.
Trump's local public relations firm referred me to Brian Baubreau, who they said would be handling media inquiries regarding the matter. I've left a message and hope to schedule an interview soon.
More Friday on In Business Las Vegas and from Easterlin when he appears Wednesday on Face to Face.
Read the arbitration filing and the complaint to the State Department of Business and Industry in the links to the right.
Sounds just like another Lair , I mean Lawyer wants to be payed off, for this dumb suit. We have become a Dumb Down country, No other words to say it
Another bunch of condo flippers getting caught with their pants down and now they want to weasel out of the deal. Hang'em. Reminds me of other flippers who put down payments on condo's and when the project never materialized they got their money back plus interest. As per contract. These losers sued saying they should have been paid what the condo would have been worth if it was finished. Right now that would be zero.
One can not dispute the fact that people entered into contracts at the Trump to make money, regardless of their intention, to either resell the unit or hold on to their unit. Homeowners do that all the time. The difference here is that for three years prior to being constructed, the square footage of the units had been advertised in "News relases and Press releases" including but not limited to Trump's very own web-site that the smallest studio would be 636 square feet and the one bedroom units would commence @ 1076 square feet. At the end of the day, 636 became 524 and 1076 became 950. Every unit in the building became smaller by approximately 10x10, which is the size of an office or a small bedroom. The bottom line is that Trump/Ruffin were able to squeeze out approximately 180 extra units. The buiding in 2004 was planned to be approximately 1100 units and magically became 1282 units without the outside of the building incresing in size. No concessions are being offered to the buyers for this magical Las Vegas act. In addition, unit owners floors turned out to be 80 feet lower than they thought or bought. When they thought they were looking over Treasure Island to pay for a premium strip view, they are now looking directly into it. When they thought they would be high enough not to hear the train go by at night on the other side of the buiding, now the train is their alarm clock. There are many other facts. I suggest to know the facts before offering an opinion. Many people's personal lives have been deeply affected with the only recourse being a form of litigation.