Donald Trump is demanding as much as $75 million from hundreds of condo owners in Panama City’s Trump Ocean Club.
The Republican presidential candidate is claiming that his company managing the luxury building was wrongfully fired. The building is the tallest in Central America.
Trump alleges a criminal conspiracy to remove his company from its unpaid position as building administrator for the luxury property in Panama City. The Associated Press reported last month that the owners’ board of directors had accused Trump’s managers of repeatedly exceeding budgets, paying themselves bonuses without prior permission and improperly passing along costs from the building’s Trump-controlled hotel.
The businessman who led the owners to oust Trump is Gary Lundgren (LUND-grin). He comments Trump mismanaged the condo association and ran up $2 million worth of debt.
“I never thought this would happen,” said Al Monstavicius, a retired Nevada doctor who bought a hotel unit in the Trump Ocean Club in part because it would be under Trump’s control. “I thought it was pretty safe, because we had Trump involved.”