Thu 15 Dec 2005
Trump getting sued for $1.3M
Three real estate brokers are suing because they claim Trump failed to pay them in full after the profitable sale of land and apartments he owned on the former West Side Manhattan rail yards.
The contract in question
Quote: “The contract called for Trump to pay them $4 million in commissions, a $2 million base commission for arranging the financing to develop the properties and a $2 million percentage commission after the properties’ sale.
The brokers’ lawyer, Richard C. Seltzer, said Trump paid his clients: Corcoran, Carrie Chiang and Susan Cara-Madden $2.7 million, leaving $1.3 million due.”
Donald’s reply
Quote: “Trump replied Wednesday that he does not owe the brokers any money - yet.
“The agreement is very clear,” Trump said. “I only pay them when I get paid. We haven’t gotten the money yet. For her to bring a lawsuit against me is insane.”"
UPDATE: “The Associated Press erroneously identified Barbara Corcoran as a principal of one of the city’s major real estate firms. She left the company, The Corcoran Group, in November and is no longer affiliated with it.”
