Unbuilt Troubled "Trump Tower Tampa" Project Faces Foreclosure; Famed Builder Said To Have Merely Licensed Named To Local Developer

In Tampa, Florida, recent media articles report that the local Trump Tower Tampa condominium project that carries the name of famed developer Donald Trump has not only never gotten off the ground, but now faces foreclosure. Many who bought in are clamoring for their deposits back. In addition, they reportedly bought in to the project believing that Donald Trump was actually involved in the project only to reportedly learn that the contrary is true. Trump is claimed to have merely licensed his name to a local developer for millions of dollars and, reportedly, sued after allegedly being stiffed out of over $1 million in unpaid licensing fees, as this excerpt indicates:

• As the start of construction was delayed over and over again, details about Trump's arrangement with SimDag/RoBEL LLC came to light, especially as Trump was being blamed for many of the tower's problems. In early 2007, he confirmed what had only been rumor before. Trump was not a developer in the project nor was he an investor. In fact, the developer, Tampa-based SimDag, was paying him millions of dollars to use his name, and he was still out more than $1 million of it.

For more on this story, see:

• Tampa Bay Business Journal: Colonial Bank, lender for once Trump-eted tower project pen potential swan song (Foreclosure, promises mark developer's tortuous effort),
• Tampa Bay Business Journal: A buyer's lament: Trump himself blamed for Tampa tower mess,
• The Tampa Tribune: Trump Tower Down To Its Last Hope,
• Tampa Bay Business Journal: Trump Tower Tampa penthouse buyer: Where's my $1.2M?

For story update, see:

• New plan for Trump Tower Tampa builder: Bankruptcy,
• Trump Tower Tampa developer files for bankruptcy.

For other posts on homeowners left in the lurch due to actions by builders/contractors, go here, go here, and go here. contractors stiff subs customers yelbow