Trump business and Saudi prince in court over unpaid rent
A Saudi prince has lost a legal dispute with the family of US President
Donald Trump over unpaid rent in the iconic Trump Tower building. Faisal
Bin Abdul Majeed Al-Saud failed in his efforts to get a New York judge
to dismiss the lawsuit for the money he owed to the Trump family
business having resided in the seven bedroom penthouse of the luxury
hotel for several years.
Al-Saud is being sued for nearly $4 million, after the prince allegedly
stopped paying rent at his Trump Park Avenue penthouse apartment in
Manhattan. According to Arabian business, he leased a 7,132 square-foot
penthouse in the tower block for several years, but he stopped paying
his monthly rent of $115,762 around January 2017. The details were
provided in the lawsuit filed in February.
The $4 million apparently owed by the prince includes unpaid rent and
repairs. The property — with seven bedrooms and eight full bathrooms —
is said to be currently on the market for $28.5 million. In 2013, it was
offered at $40 million, but the listing was pulled.
At yesterday’s hearing, New York State Supreme Court Justice Melissa Ann
Crane in Manhattan denied the prince’s motion to dismiss the case,
citing the wording of the lease.
The Trump family lawyers are seeking payment for rent owed until 2019.
Al-Saud claimed that he had notified Trump Park Avenue in 2015 that he
no longer had any use for the penthouse. He also argued that the Trump
Company did not comply with the terms of the lease by failing to notify
him of the fact that he was in default.
During the court hearing it was suggested that the landlords of Trump
Tower may be able to find another tenant but their lawyers rejected the
idea. “I don’t think that in today’s residential market you’re going to
find a tenant willing to pay $100,000 a month for a residence,” said one
of the Trump team. He added that his clients may be forced to rent it
out for just “zero or $1.”
Faisal Al-Saud ‘s lawyer argued that the Trump organisation waived any
right to additional rent after it accepted the keys and took the
prince’s $200,000 security deposit on 27 December last year.
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