February 13, 2008

Daddy Dearist - Housing Crash Version: Bob Toll's daughter walks away from her Toll Brothers McCondo debt-trap


Well, I guess she saw her choices as

1) Go through with the purchase and lose hundreds of thousands (but damn, after Bob Toll cashed in for hundreds of millions by insider-trading his stock you'd have figured she'd have the coin to blow)

2) Ask daddy for more discounts and incentives like he desperately tries to give everyone else

3) Just cut and run, far and fast, and never look back, like most Toll Brothers "buyers" have been doing for months

She wisely chose option #3 - get out and get out now.

Here's
Diana Olick, the love of my life, reporting the story on her CNBC blog (ok, Erin Burnett is tops with me, but damn, Diana is doing an awesome job covering this crash unlike most of the dolts on TV)

Florida Taking Its Toll (Brothers) On Daughter's Condo

You just can’t make this stuff up. Apparently even a big builder’s daughter can’t seem to keep faith in the Florida housing market. According to an SEC filing, Wendy Topkis, daughter of Toll Brothers co-founder and Vice-Chairman Bruce Toll, is walking away from a Florida condo, just like everyone else. A Toll Bros. condo!! The Palm Beach Post says it best: Et Tu Wendy?

According to the home builder’s proxy statement:

Prior to fiscal 2007, the Company entered into an agreement of sale to build and sell a condominium to Wendy Topkis, Bruce E. Toll’s daughter, and her husband for a purchase price of $2,468,075. In January 2008, the buyers informed the Company that they did not intend to make settlement on the condominium. The Company intends to pursue its rights under the agreement of sale.

Does that mean they’ll sue darling daughter? The company’s general counsel says they are pursuing normal procedures.

3 comments:

area 51 said...

Dude, that is like old news. Where have you been?

And besides, did you see the video with the NAR dude on the same page? She played softball with the questions, while Mark Haines ripped him a new one.
This ain't the first time she wussed out. On the Feb 25 blog where she announces the change in mission (I'll give her props for that) for Fannie Mae, at the end she says, "I’m not criticizing the shift, just noting it....."

What a pussy. (Oh yeah that's right she does have one of those) She has no 'nads, while Mark Haines cowers to no one.....
She doesn't want to lose access to her interview sources in the "BIZ" so she lobs easy softball questions to them.

Frank@Scottsdale-Sucks.com said...

Classic!

Peahippo said...

Of course they'll sue. Her daddy's rich, hence there's a good chance she'll settle and they'll get paid.

That's a far cry than what they'll get for suing all these deadbeats who pretended to have income ... er, I mean who LIED ON THEIR MORTGAGE APPLICATIONS.