The Donald settles lawsuits
Trump settles condo lawsuits
Published: April 12, 2008 at 1:49 PM
CHICAGO, April 12 (UPI) -- Real estate mogul Donald Trump says he has settled a lawsuit over an early condominium purchase at his 92-story tower under construction in Chicago.
As part of his "friends and family" program, Trump let some insiders buy units at the Trump International Hotel & Tower at below-market prices
Trump sometimes charged about $500 a square foot for units that would sell closer to $1,000 a square foot. However, after the housing market began to sour last year, Trump told the special buyers they would have to pay a higher price or the sales would be canceled.
Judi Diamond-Falk, an architect who designed a sales office for the building, purchased a two-bedroom condominium on the 46th floor with her husband Nathan, an attorney.
The couple sued Trump, as did about two dozen others, when he raised the price. Their lawsuit was settled Monday, the Chicago Tribune reported Saturday.
"We're pleased with the settlement and glad the case is over," said Nathan Diamond-Falk. "I can say that it's an exquisite building -- understated elegance -- although I don't know if we'll ever move in."
Trump was quoted by the newspaper as saying, "We've settled many of these cases. I believe there were 25."
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