Trump Loses Suit Against Israeli Condo Development27 December 2008
Trump Loses Suit Against Israeli Condo Development
Trump demanded a share of profits in his suit, filed in May (08) against condo builder Crescent Heights Diamond, which licensed the name Trump Plaza for a 70-storey tower it planned to erect in the Israeli capital of Tel Aviv.
The mogul allegedly signed a deal giving a 25 per cent share on each unit sold in return for the use of his brand name.
Trump insisted he deserved a slice of the $36 million (GBP24.4 million) profit after the company sold the $44 million (GBP29.8 million) land to another development firm for $80 million (GBP54.2 million).
Manhattan Supreme Court Judge Herman Cahn ruled that the contract between Trump and Crescent did not support Trump's claims, pointing to their contract: "Crescent 'intends to build' and never indicated that it promised to build.
Cahn added: "It makes sense there was no promise to build since Crescent did not yet own the parcels of land or have the approvals required."
Trump tells the New York Post: "We're going to appeal."
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