March 21, 2007

Trump. Kiyosaki. Punchline?

19 comments:

keith said...

Here's a Trump punchline that some folks in Florida aren't laughing about tonight:

http://tinyurl.com/34cu3g

Condo reality trumps Trump's sales bluster
Published March 18, 2007


Are you thinking about buying an upscale, urban condo?

Don't settle for some chump dump in downtown Orlando. Not when you can move down the road to Tampa and live like The Donald.

Ladies and gentlemen, I give you Trump Tower Tampa, 190 units and 52 stories of sheer elegance.

Here it is, straight from Donald's mouth: "The architectural design is truly distinctive, establishing a bold new landmark on the city skyline. Every residence will afford sweeping views of the water, and every detail -- from the splendid finishes to the unrivaled amenities -- will reflect the exceptionally high standards that every Trump building must satisfy."

Donald arrived at the sales launch in 2005 with his usual panache. He proclaimed the project a major success with reservations on 98 percent of the units. He bemoaned not owning any more of the project than his already "substantial stake."

Downtown Tampa was to be reborn. The groundbreaking was in March 2006, with completion in 2008.

And now I fast forward to the present, standing at a spot where I should be buried under a good 30 stories or so of rising concrete and steel.

Weeds are the only visible life form. One crane stands idle. The snout of a second one rests limply on the ground, like it is taking a siesta.

Piles of rusting steel are scattered about, along with empty cable spools. The banners proclaiming: "A development of Donald J. Trump and SimDag" are weathered and turning dark from soot. One has partially broken free and is drooping from a fence.

It would appear that The Donald is in The Dumps. Too bad Rosie O'Donnell isn't here to see this.

Even the Trump name can't trump the great Florida condo implosion. The project has been plagued by vanishing buyers and lenders, cost overruns and a string of contractors and developers. It is saddled with about $3 million in construction liens.

In his usual blustery style, Trump told the Tampa Tribune last year he was prepared to buy out the project, which he could build "out of my back pocket." Never happened.

Instead, a private-equity group in Orlando called Mirabilis Ventures Inc. bought controlling interest. Ever since it has been closing offices and now is being investigated by a federal grand jury.

The project is so muddled that attorney Tom Long, who is suing to get a deposit back for two buyers in the building, says, "Frankly, I don't know who owns it."

It turns out Trump's "substantial stake" was a licensing fee for use of his name. If the project is a success, he makes a bundle. If not, then it's no big hit on his bank account.

Anonymous said...

too men who make money by not following their book's advice.

Anonymous said...

What will finally prick the housing bubble? Or perhaps there will be two pricks?

Anonymous said...

So I guess that means that Casey Serin has 1 degree of seperation from The Donald.

What a strange world.

area 51 said...

Trump says,
"He's (Kiyosaki) just a very special man who I wanted to do something with....."

Says it all!!!

Anonymous said...

THe two don't really buy and sell real estate. They sell dreams. They sell pressed paper, with ink on them that make words.

Anonymous said...

Punchline: Constipation

Anonymous said...

Two........

Two........

Two douche bags in one!

Anonymous said...

Liar & Liarer

Anonymous said...

losing money is the most important thing...it stages the comeback.

so...don't worry if you lose your house...it will help strengthen you for your comeback.

You do have a rich dad right?

Anonymous said...

Oh the tragedy...Or is it comedy?

veritas_faust said...

Could they get there noses out of each others asses. And when DEAR GOD WHEN will Donald Trump turn off the hyperbole chamber!

That interview was so lame.

brokersleaveyoubroke said...

I can't blame them. Trump makes money because Kiyosaki is a good writer and Kiyosaki makes money on Trumps name recognition. The only losers are the people who buy the book. The silver lining to this crash is that it will probably wipe out the Donald.

GT said...

does trump ever say anything with substance? every interview i see him in all i hear is "blah blah i'm a fan of xxx, blah blah it is gonna be huge blah blah hundreds of millions of dollars blah".

a.creampuff said...

Trump/Kiyosaki '08.

Anonymous said...

"It turns out Trump's "substantial stake" was a licensing fee for use of his name. If the project is a success, he makes a bundle. If not, then it's no big hit on his bank account. "

I have never understood the appeal of this guy, that anyone would offer him such a contract that gives all the rewards and no risks just for use of his name. I would avoid any project affiliated with him be despise him. I hope he loses his shirt in other areas of the real estate market in which he is truly invested.

Also, anyone who buys their book, "Why we want you to be rich", deserves to lose every penny they own. Trump and his ilk never want to see middle-class people rising because it would weaken the power of the rich.

Anonymous said...

I have a strange feeling that the casey serins of the world may have the last laugh, at the expense of the taxpayers, and at the profiteering of politicos, skim jobbing, kickbacking, contracting briberisms, do gooder? help!! fraudsters, power hungering, control freakists, enforcers rule buying, traitoring new world order hipsters, providing the moron economy fodder

Frank said...

C'mon, Trump is appearing on WWE these days ... how low can he go? Is he so worried about the RE crash that he's getting into "professional" wrestling? LOL!!!

Anonymous said...

Fat and Fatter. Baby and Boomer.