Empire of Trump crumbles?

[Hosehead]

Well young Trump JR was out a few months ago eying up South African sites to develop. Now that the Dubai project has been mothballed, I really doubt we'll ever see a Trump signature building in Africa. I guess the local Cape Town developer who closed up shop here and raced out to Trump Tower in New York to take up the new Africa development job, that was all over the local press here, will be headed home soon, tail between his legs.

It emerged that the Trump Organisation and its partners in Dubai were mothballing work on a 62-storey steel and glass skyscraper on one of the palm tree-shaped artificial islands in the Arabian Gulf.


The development was meant to be a hotel and residential complex boasting Norman Foster bathtubs and furniture by the Italian designer Poltrona Frau, and Mr Trump had earmarked one of the penthouse suites.


But demand has collapsed.


Meanwhile, yesterday was also the deadline for Mr Trump's publicly-quoted casinos business to make a $53.1m interest payment -- a payment it said it would have to skip because of its mounting financial troubles.


Trump Entertainment Resorts' shares are pennies away from zero, the company having lost 99pc of its value in two years, a sure sign that investors think it will go bust - again.

http://www.belfasttelegraph.co.uk/b...d-trump-sees-his-empire-crumble-14091222.html

 

[waynegohl]

was this guy not on the radio a few months back talking about the waterfont development and whatnot?

 

[Hosehead]

was this guy not on the radio a few months back talking about the waterfont development and whatnot?

Yep. The man's son Donald Trump JR, and his Seapoint sidekick, some developer/agent, whatever his name is

 

[waynegohl]

yip thats the one they had big plans from what i could remember.

 

[werner]

you know, all the signs are here for everyone to see, all we have to do is open our eyes

/doom and gloom mode off.

dubai property markey 40% down from peak. this is in a country where they have money. rent is paid a year in advance, one lump sum. and even then they cant make it work anymore.

velenoso, how are things in the local market for you guys? (genuine question)