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Donald Trump Sued by “Insane” Brokers

Thursday, December 15, 2005 posted by Tommi Crow

Donald Trump is being sued by three New York City real estate brokers for $1.3 million. The brokers, Barbara Corcoran, Carrie Chiang and Susan Madden, lawsuit claims that Trump paid them $2.7 million and stiffed them out of $1.3 million in commissions on the biggest residential real estate sale in New York City’s history.

Trump purchased the 77 acres of riverfront and three buildings in 1994 for $84 million. He sold it to the Extell Development Corp. and the Carlyle Group, the investment cartel associated with the Bush family, for a record $1.8 billion in October, 2005.

The brokers alledge Trump made a killing and pocketed a third of their commission. Trump fired back that he owed the brokers no money—yet.

Trump said “The agreement is very clear. I only pay them when I get paid. For her to bring a lawsuit against me is insane.”

Greed, need or loophole? Donald may have called it. These brokers may in fact be insane. Their agreement with the Donald included no date when the final payment to the brokers was due. Ouch and Merry Christmas.