Toll daughter re-negs on contract
The niece of Toll Brothers’ CEO doesn’t even want their luxury condos! What does that tell ya?
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.