Trump had already paid Corcoran roughly $2.7 million in commission in a deal that set the maximum Trump could pay at $4 million, according to court papers. Corcoran claimed the sale of Penn Yards in 2005 constituted an event of default of the contract and therefore Trump owes the remaining commission. But prior to the contract, Trump transferred his interest in Penn Yards to Hudson Waterfront Associates LP, taking a 30% limited partnership in the company. Hudson Waterfront then transferred Trump's interests and later sold Penn Yards.
The judge ruled that according to the contract, Trump did not breech contract and therefore does not owe the remaining from the $1.3 million. Additionally, the judge ordered reverse summary judgment in favor of Trump.
"Barbara Corcoran had absolutely no right to file the lawsuit," Trump tells GlobeSt.com. "The only purpose was to get free publicity." Corcoran did not return phone calls.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.