# Toronto Trump tower goes bankrupt



## james4beach (Nov 15, 2012)

http://www.cbc.ca/news/business/trump-tower-toronto-1.3834368

For those who haven't seen it, the Trump tower in Toronto is in the best possible location in the city. Right by the financial district, absolutely some of the most desirable real estate in the country. And even with a booming Bay Street financial sector, somehow, they managed to screw it up ... the company that built it has defaulted on its loan and the property will now be sold.

Article says: "Since its launch, less than half of its residential condos have been sold by Talon and the hotel's occupancy rates have been lower than some investors in the rooms had hoped. The average daily rate for hotel rooms in the building has declined by about 30 per cent, court documents suggest."


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## TomB19 (Sep 24, 2015)

The Toronto real estate market is rigged.


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## andrewf (Mar 1, 2010)

So does this count toward Trump's bankruptcies given that this was up to now considered one of his successes?


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## andrewf (Mar 1, 2010)

And let me say, anyone who can't sell a new construction condo in downtown Toronto is a world class idiot.


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## Nelley (Aug 14, 2016)

andrewf said:


> And let me say, anyone who can't sell a new construction condo in downtown Toronto is a world class idiot.


You have to admit that for a retard Trump is pretty damn lucky-look at you-you are a genius and still living in Mom's basement.


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## TomB19 (Sep 24, 2015)

The best defense is a good offense and nobody is as offensive as you, Nelley. Well done!


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## james4beach (Nov 15, 2012)

andrewf said:


> And let me say, anyone who can't sell a new construction condo in downtown Toronto is a world class idiot.


Yup. It takes a special kind of skill to screw up a condo in a prime Toronto location, _during a condo craze_.

That special skill is called: sucking at business


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## sags (May 15, 2010)

Not the best consumer reviews..........

_Guests liked the large, updated rooms, though some commented maintenance could be improved·

Guests liked the quiet rooms & comfortable beds·

Guests liked the large bathrooms, though some said cleanliness could be improved_


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## Rusty O'Toole (Feb 1, 2012)

And Trump cried all the way to the bank.


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## Just a Guy (Mar 27, 2012)

Trump probably has nothing to do with the building. For years he's been licensing his name to other developers. He has no ownership, nothing to do with the building whatsoever, all he does is collect a large chunk of change for using his "brand". 

It's estimated that putting the "trump" name on a development adds 25% to the value of the property, so a lot of developers do it. Of course, like most fads, once he brand loses its shine, it's value plummets...since it's just an artificial inflation in the first place.

Of course, the general public probably doesn't know this, so when a trump property goes under, they think it affects the Donald...

There's another article making the rounds today about the fact that most of trump's real estate holdings are <gasp> Highly leveraged. Of course, anyone who knows about real estate investing would think "well duh", but most of the general public think this is some sort of huge revalation, some sort of scandal. 

The same goes for his personal taxes...there's a big difference between tax deferral and tax evasion. However the general public doesn't really understand this, so would probably throw a fit if the only look at the "taxes paid" line, as opposed to the amount of money he deducted because he spent it on things that created jobs, increased the economy, provided housing, etc.

Now, I'm not defending or supporting trump by this, but just pointing out that there may be a lot of things people think they understand when, in reality, things are probably a lot different than they appear.


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## jargey3000 (Jan 25, 2011)

TomB19 said:


> The Toronto real estate market is rigged.


haha...good one!
also like justaguy's comments above


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## agent99 (Sep 11, 2013)

jargey3000 said:


> haha...good one!
> also like justaguy's comments above


jag was right. Trump's companies apparently don't own that building at all. I believe I read that they operate the hotel. More here:
http://www.cbc.ca/news/business/trump-tower-toronto-1.3834368



> The original developer, Talon International Inc., licensed the Trump brand and hired a Trump-owned company to manage it, but maintained ownership over the project





> While neither Trump nor his companies have any ownership stake in the building, the Trump Organization does have a contract to manage the hotel property — a relationship it doesn't expect to end soon.
> 
> "Regardless of any financial restructuring, we will continue to operate the property under our luxury hotel brand flag," Alan Garten, general counsel for the Trump Organization, wrote in an email.
> 
> JCF Capital ULC, which on Sept. 29 bought the $301 million Cdn owed on the tower's construction loan, said in a filing it expected to retain the Trump Organization as the tower's manager during receivership.


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## andrewf (Mar 1, 2010)

Nelley said:


> You have to admit that for a retard Trump is pretty damn lucky-look at you-you are a genius and still living in Mom's basement.


He was lucky, he inherited his fortune from daddy. Trump's great success is not failing utterly and losing it all despite his best efforts.


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## Oldroe (Sep 18, 2009)

1 of my buddy's was electrician and said it was all Russians calling the shots. They just paid Trump for his name.


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## Just a Guy (Mar 27, 2012)

andrewf said:


> He was lucky, he inherited his fortune from daddy. Trump's great success is not failing utterly and losing it all despite his best efforts.


He's made a lot more than his father ever did. He's also lost more than his father ever made, and then made it back. 

I don't understand why our society so hates success. The automatic response is to hate those who are. Many people hate hime despite never meeting him, dealing with him or having anything to do with him.

Personally I believe in showing respect to those who have success, even if I don't like them on a personal level.


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## Nelley (Aug 14, 2016)

Just a Guy said:


> He's made a lot more than his father ever did. He's also lost more than his father ever made, and then made it back.
> 
> I don't understand why our society so hates success. The automatic response is to hate those who are. Many people hate hime despite never meeting him, dealing with him or having anything to do with him.
> 
> Personally I believe in showing respect to those who have success, even if I don't like them on a personal level.


I have heard over and over (most recently from the Young Turks) how if Trump had simply put all this money in the S&P 500 30 years ago he would be worth more now-what these mental midgets can't comprehend is that Donald Trump has SPENT an incredible, just mind boggling sum of money over the last 30 years-the guy has had a personal 747 for that whole period-mansions galore, etc.etc.etc.


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## Numbersman61 (Jan 26, 2015)

Trump Towers recent court ruling - http://www.canlii.org/en/on/onca/doc/2016/2016onca747/2016onca747.html
Trump Towers - news article - http://www.huffingtonpost.ca/2016/05/27/trump-tower-toronto_n_10166292.html


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## andrewf (Mar 1, 2010)

Just a Guy said:


> He's made a lot more than his father ever did. He's also lost more than his father ever made, and then made it back.
> 
> I don't understand why our society so hates success. The automatic response is to hate those who are. Many people hate hime despite never meeting him, dealing with him or having anything to do with him.
> 
> Personally I believe in showing respect to those who have success, even if I don't like them on a personal level.


I respect truly successful businesspeople who started with nothing and built great businesses. Sergei Brin & Larry Page, Elon Musk, Mark Cuban, even Bill Gates & Steve Jobs.

Trump would have done better had he taken daddy's inheritance and invested it in the stock market. Instead he bilks suppliers and rips off relatively poor people with fraudulent get-rich-quick seminars. He lies about giving to charity. He is the polar opposite of a class act.


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## Just a Guy (Mar 27, 2012)

You know, I've read bad things about all those people you respect. None of them are totally respectable from news reports...

Larry and Brin's "do no harm" is getting forgotten. 
Elon musk has done questionable business things
Bill gates has been investigated for many things at Microsoft
Steve jobs, well he was just plain nasty and abusive

of course most news reports are biased and no one is perfect. 

Heck, I know a business which was in talks with Microsoft about getting bought out by them, only to have their ideas stolen and they later went under. I also know people who worked for jobs and felt his wrath...on and anyone remember sapphire glass and apple? Not very nice.

I'm curious as to why. I assume not having met any of these people, you choose to glorify or villify one, and not the other...

https://youtu.be/SswMzUWOiJg

No matter your opinion, there's little doubt he too has changed things.


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## andrewf (Mar 1, 2010)

None of them are running for president. They are all way more successful than Trump. None of them have been the subject of sexual assault allegations. None of them have bragged about walking in on women's changing rooms to catch young women and girls naked. Is that enough?

I was by no means suggesting that they are all faultless human beings. They are all just actually successful businessmen, rather than someone who inherited his wealth and coasted on it.


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## Just a Guy (Mar 27, 2012)

Steve jobs denied paternity for decades and left the mother of his child to live in poverty...true he didn't run for president. Heck, who knew Bill Cosby would turn out to be so bad? The Noah sketch still gets me though.

If you look hard enough, you'll probably find what you don't want to.


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## andrewf (Mar 1, 2010)

Steve Jobs is probably the worst person out of the list I mentioned. He was, on the whole, not good to people. He built multiple very successful businesses, beyond the obvious example of Apple. You are conceding the point by providing this example, as it pales beside Trump's behaviour. Trump publicly cheated on his wife (Ivana, I know--hard to keep track) who was home caring for his kids.


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