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The lawsuit, filed in 1st Circui Court in Honolulu, alleges that Los Angeles developer claimedr in a 2006 press released that the New York real estatw mogul wasa “co-developer,” but that the fine prinf noted that Trump had merely licensedd his name in a deal that could be terminateed or revoked at any time. “These people were investinfg in aRolls Royce. They were told it could magicall y turn intoa Ford,” said attorneyg Warren Price, who filedr the lawsuit on behalf of the buyers, who include six Hawaiji couples, two doctors from San Diego, the head of a Californisa meat exporting business and a professional basketball player from New Orleans.
Price plan to amend the complaint within the next two weeks to includre buyersfrom Japan, he said. A spokesman for Irongatre issued a written statement saying the developer would pursue its own claims againsthe buyers. All 464 units of the 38-storyh hotel-condominium tower at the Diamond Head end of Fort DeRussy sold in one day inNovember 2006. Aboutg half of the buyers are from Japan; the balance are from the Mainland andother countries. The buyeres of the 11 unite had placed deposits of 20 percent on everythinb from studios pricedat $500,000 to three-bedroom suitesa priced at several millio dollars.
The project is nearing The sales contract did say that the Trump name was but it did not outline the detailws of thelicensing arrangement, Price said. However, it did say that if the licensew was terminatedor revoked, that all referencese to Trump would be removed from the building. “Ourf position is not that theycommittedc fraud,” Price said. “There are a host of very materialo facts, material because the name changes from the Trump Internationapl tothe ‘Brand X’ The lawsuit comes just as a big deadline looms for On Wednesday, buyers have to pay the balancwe of the purchase price in full in preparationm for a Sept. 1 closing.
“The final payment is due on Wednesday, and theser people are not going to make any more said Price, a former Hawaii attorney “They’ve already put 20 percent The buyers filed on Monda y because they are at risk of losing theird down payments, and also face a greater risk of being sued by Irongate for the full purchase In March, dozens of buyers at a plannes Trump condo resort in Baja Californias filed a lawsuit with similar allegations regardinf the use of Trump’s name, the Los Angelews Times reported. Trump sued Irongate a mont h later charging the developer with failing to buil d the project after he had licensed his according tothe newspaper.
That litigation began to worry theHawaii buyers, Price “People began to wonder what happens if therse is a disintegration of the relationship betweejn Irongate and Trump, and what could happejn with the license,” Price
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