Investors sue Trump over failed Trump Ocean Resort Baja project

Roughly 69 buyers filed a 197-page fraud complaint in Los Angeles Superior Court over the never-built Trump Ocean Resort Baja condo-hotel development in Mexico, saying they paid deposits of roughly $18-20 million after the project was promoted as a 'Trump project' and were then told they would not get their money back after the development collapsed. CBS News reported investors poured about $32 million into the project, and an accounting reported in the coverage found only about $556,000 remained of $32.2 million collected from nearly 200 buyers. Trump told the press he bore no responsibility for the collapse -- 'I have never been there. They licensed my name.' -- blaming developer Irongate for failing to meet the terms of the licensing agreement, while plaintiffs alleged the marketing had portrayed the venture as a Trump partnership and that they relied on his name when paying deposits. Ivanka Trump, also a named defendant and a face of the project's marketing, said of the buyers, 'I am sorry for everyone but we are in the same boat.'

“I have never been there. They licensed my name.” — Trump disclaiming responsibility for the collapsed Baja project to the press as the buyer lawsuit was filed, March 2009; the precise day he spoke is not established (coverage ran March 13-16) Quote verified against source