Trump Files $1 Billion Lawsuit Over Property Sale

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Tycoon Donald Trump has reportedly filed a $1 billion (GBP500 million) lawsuit against the managing director of a property-telecom conglomerate and other Hong Kong investors, claiming they undersold a plot of New York City land he has shares in.

The Apprentice reality TV star alleges New World Development director HENRY CHENG and other investors told him in April (05) they had agreed to sell the Manhattan property for $1.8 billion (GBP947 million), but kept quiet about a $3 billion (GBP1.8 billion) offer they received from another bidder last month (JUN05).

Trump complains, "There's something seriously wrong here.

"This is one of the finest pieces of property in the world. And this is the hottest real estate market in history. They ought to be ashamed of themselves."

But a New World Development spokesman insists the company was not involved in the sale of the land, adding, "We do not have any information to provide."

14/07/2005 01:56


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