Toll daughter re-negs on contract

2/11/2008:

The niece of Toll Brothers’ CEO doesn’t even want their luxury condos! What does that tell ya?

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From the NY Times:

Toll Daughter Won’t Pay

Robert Toll, the chief executive of Toll Brothers, the home builder, has complained that newspapers — he singled out The Times — are to blame for persuading customers to walk away from contracts to purchase homes.

On Friday, Toll Brothers filed a proxy with the Securities and Exchange Commission and in it disclosed the identity of one would-be buyer trying to welch on a contract to buy a condo from Toll. It is none other than Mr. Toll’s niece, the daughter of the company’s co-founder and vice chairman.

“Prior to fiscal 2007, the Company entered into an agreement of sale to build and sell a condominium to Wendy Topkis, Bruce E. Toll’s daughter, and her husband for a purchase price of $2,468,075. In January 2008, the buyers informed the Company that they did not intend to make settlement on the condominium. The Company intends to pursue its rights under the agreement of sale.”


Toll Brothers has a policy of offering discounts to family members of employees, so presumably she got what looked like a good deal when she signed the contract.

Bloomberg quotes Bruce Toll as saying his daughter had another child after signing the contract and decided the $2.5 million condo would have been too small. In addition, she and her husband decided not to move to Florida.

Perhaps she read too many newspaper articles while she was pregnant.

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8 Comments on "Toll daughter re-negs on contract"

ron mexico
Member
ron mexico

I’m curious why Toll would cite someone in their own family as evidence?

Seems like bad PR on their part and the relationship would override any influnece from the NYT.

zxcv
Member
zxcv

Next time that something bad happens to my business, I’m definitely blaming the NY Times…

Yankgrl
Member
Yankgrl

[quote comment=”67284″]2.5 Million. For a condo. In Florida.

Think about that for a minute.[/quote]

It is totally possible to pay that much for a Condo in Florida. Palm Beach?! Ft.Lauderdale?! Miami?! On the water?! On a golf course in a private gated community!?

Yes most places in Florida aren’t that expensive…but as someone who has family in Florida I know it’s totally possible. In the above areas. Probably even now with how horrible the market is down there if it’s the “right area”.

honcho
Member
honcho

Florida prices have fallen thru the floor

She probably got a better place with more space and saved 40% even after paying the penalty.

It was a business decision pure and simple.

Wake up people real estate is collapsing!!!!

Chop!Chop!
:mrgreen:

Easy-E
Member

Wow… 2.5 Million?

How much more room do you need when you’re spending that kind of money? I would be shocked if it were anything less than several thousand square feet.

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