Donald Trump has filed a lawsuit against Conseco, charging that the insurer breached an agreement with Manhattan’s reigning real estate king to sell him its half interest in the General Motors building.
Trump is seeking $500 million in damages and another $500 million in punitive damages, alleging that he had reached an agreement last summer with Conseco to buy out its share in the 50-story building, located opposite the Hotel Plaza, which the two purchased jointly in 1998.
Trump charges that the company unfairly sought to increase the original $295 million price for its interest, and caused the deal to fail. Conseco has denied any wrongdoing, and indicated that the deal didn’t go through because Trump couldn’t get sufficient financing.
The dispute is complicated by the closing date of Sept. 15, four days after the attacks on the World Trade Center, which substantially raised the value of midtown real estate.