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)
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.