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resort. look at this letter from the project s developer to buyers in august of 2007. one of the two signatures at the bottom. donald j. trump. official brochures also made it seem as if he was a developer. developed by one of the most respected names in real estate, donald j. trump. trump said it too. when i build i have investors that follow me all over. they invest in me and they invest in what i build. that s why i m so excited about trump ocean resort. when i build, what i build. but trump was not going to build anything at trump ocean resort, baja, mexico. he didn t develop it. the company licensing his name did that. he set up this international licensing business where he would realize that there was an incredible value to the name trump and that he could sell it and he didn t have to put anything into the project. he didn t put in any money.
it s been a decade since sandra felt duped by donald trump. it was 2008. the international housing crisis was coming to a boil. and she said something was wrong with trump ocean resort bah ha mexico. so we got in a car, we drove down there and that office was closed and there was no furniture left. we said wait. no. no, nothing s wrong. within weeks two letters. this was the very first time we heard the trump brand name the trump this and it developer that. it read trump marks bajallc is elected to terminate the license agreement. the second letter explained given the extreme dislocation of the financial market, a baja project will not be able to proceed. she felt stunned. and deceived.
$55 million. everybody else lost, it goes bankrupt, trump walks away with somewhere between $30 million and $50 million. everybody else lost and trump earned $30 million to $50 million. how? a big part of the answer, licensing. the way it works is somebody else decides to build a building and they say if i put trump s name on this i m going to sell these condos. trump, we ll pay you a fee to put your name on it. welcome to those trump buildings in panama, toronto, soho and baja, mexico, all licensed properties. donald trump started licensing his name around the turn of the century because it was easy money. he didn t have access to borrow capital from the banks anymore because of all the failures in businesses the banks lost money on. here was an opportunity to sign your fame and get paid up front. who made deals with trump?
love about this project is the fact that it s in baja, mexico and baja is one of the really hot places. for sandra sapol in suburban san diego, having a second home, especially one in baja is a dream. not everybody s is the same american dream. ours was, have a family, have a pickett fence and have that second property. it s why she bought a condo at one of those trump licensed properties. trump ocean resort, baja, mexico. only problem was, she didn t know that she was buying into a property this was supposed to be my view. that had licensed the trump name. these are the rest of this project. i own a franchise. i totally know the word licenseor, licensee but i had never heard it from the mouths of anyone representing trump