A Trump Tower Goes Bust in Canada
This Trump-branded and Trump-managed jewel is also, as a business venture, a bust.
On Tuesday, a Canadian bankruptcy judge placed the glass-and-granite building into receivership, just four years after Trump and his children cut the ribbon at its grand opening. Once it’s auctioned off, whether or not Trump is the leader of the free world by then, his name may well vanish from its marquee.
Trump is not the project’s developer or even an investor; one of his partners, a Russian-born billionaire who got rich in Ukraine’s steel industry, controls the firm that’s in default. The Trump Toronto is still a posh hotel, and even though nearly two thirds of the tower’s condo units remain unsold, they’re still upscale residences. Still, the saga of the property’s glittering rise and rapid fall is classic Trump, featuring a tsunami of litigation and bitterness, money with a Russian accent, and a financial wreck that probably won’t hit its namesake particularly hard.