Trump Loses Suit Against Israeli Condo Development
Real estate tycoon DONALD TRUMP has lost his lawsuit against an Israeli developer he accused of unlawfully using his name to boost sales of a luxury property 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."