Trump Condo-Hotel Sells Out for $700M

Trump Hawaii condos sell out for $700M
By BRIAN CHARLTON, Associated Press Writer Fri Nov 10, 9:36 PM ET
HONOLULU - Celebrities and investors forked over $700 million in just a few hours to buy up more than 460 suites in Donald Trump's luxury hotel-condominium project in Waikiki.

Sales contracts were signed and deposits put down Thursday for 464 hotel suites at the Trump International Hotel and Tower Waikiki Beach Walk, developers said. The sellout forced the cancellation of a planned second day of sales.
Developers said the sales set a record for the amount of residential property, both in dollar value and unit volume, sold in one development on a single day. The previous record was set in December 2005 when Vancouver-based Intrawest Corp. sold 318 suites in the first phase of a Maui resort for $425 million, according to the Los Angeles-based developer Irongate.
Trump featured the development on his TV reality series, "The Apprentice." The Trump sale attracted celebrities including entertainer Don Ho, NBA players, and pro golfers, along with a Japanese rap star and baseball player, said Jason Grosfeld, co-founder of Irongate.
He would not identify the other investors by name.
"I would have bought out the entire 23rd floor, but someone beat me to it," Ho, who purchased two one-bedroom units, told the Honolulu Star Bulletin.
The average price for a suite was $1.5 million, a 500-square-foot studio for about $400,000, and a three-bedroom penthouse for more than $9 million, developers said.
The 38-story tower will include a library, wine cellar, lobby bar, cafe, fitness center, spa, among other amenities. Construction is scheduled to begin in December and to be completed in mid-2009.