Builder's blues: Stiffed by the boss's daughter

Several of you pointed this out: The daughter of the co-founder of Toll Bros. is walking away from a $2.5 million condo she had agreed to buy from her father's company. Man, when it rains, it pours.

From the Wall Street Journal: "Toll Brothers, like the vast majority of home builders, has been struggling with potential buyers walking away from contracts as house prices plummet

"But one recent cancellation hits close to home for the high-end builder.

"The daughter of the company's vice chairman and co-founder, Bruce E. Toll, and her husband are walking away from a $2.5 million condominium that the couple bought in an undisclosed location from the builder, the company said in a filing with the Securities and Exchange Commission."

Thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo Credit: AP

Comments

[mike]

when will the public finally start to realize that a house was only a rapidly appriceating asset for about four years compared to hundreds of years of housing. i am fine with people renting forever, i own rentals but it is supposed to be a long term investment.

[MyLessThanPrimeBeef]

That's almost like Fidel's daughter escaping Cuba.

[bottom line]

Wendy's a lawyer, so she's probably got something up her sleeve, lol. The story I read this morning in the Seattle Times I found through a Google link had a great quote from a veep in Toll Bros. legal dept. Something like "Vee have vays of dealing vit people like dees."

Even with the immediate family discount plan, she & hubby should have put down around $172k & change. That pesky new baby mandates a much larger pad.

[are they crazy]

If it's a smart business move for the public to walk from a depreciating house, why not Wendy, too? Peter's poll said most agreed with Condoblue that it was just a business decision to walk and morality isn't an issue.

[Robbie Fields]

This story does not meet the smell test.

I have a feeling that the father tipped off his daughter that this particular development was in big trouble and she should walk away ... otherwise, what father who cared for his family's name would not have put his foot down? Remember this transaction came to light in a proxy statement ... the father knew this was going down.

[vultur]

I swear to Oprah that if this little daddy's girl doesn't get nailed with the max penalties and fines by Toll Bros. that I'm going to bring a shareholders derivative suit against her poppa and take him for the entire Toll Brothers Empire- and that includes the more lucrative and stable Toll House Cookie Division!

Those damn little elves certainly wouldn't approve of this mess!