New York Developer Plans To Fight ‘To The Limit’ For Aspen Land
ASPEN, Colo. (AP) _ New York developer Donald Trump filed a lawsuit Tuesday in District Court here in an attempt to keep another developer from buying prime real estate in the posh Rocky Mountain resort.
Trump ″intends to fight this lawsuit to the limit,″ said his lawyer, Spencer Schiffer.
Trump’s lawsuit seeks to block the $48.9 million purchase of a two-block downtown hotel site and 66 additional acres by Washington, D.C., developer Mohamed Hadid. Hadid would have acquired the sites near Aspen’s ski lifts Tuesday afternoon if the suit had not been filed.
In the lawsuit Trump will ask the court to order injunctions preventing Pitkin County officials from closing the deal, Schiffer said. Also, according to Schiffer, Trump is seeking unspecified damages.
The dispute between Trump and Hadid centers on property placed up for grabs by Texas lenders after the previous owners failed to pay debts. Trump had sought the land for several months and had an agreement with the main lender to buy it for $17 million.
Trump said he planned to build a giant hotel to be known as ″Trump Palace,″ while Hadid also announced plans to build a large hotel on the land.
But Hadid gained purchaser rights by buying out one of the lenders. Hadid then used the lender’s rights of purchaser to redeem the property before it could be repossessed by the main lender.
Schiffer predicts the legal action could last for two years if he or other lawyers appeal court decisions.