Trump Tower in Toronto up for sale with starting bid of $298M

The infamous Trump Tower in Toronto’s financial district is finally up for grabs with a starting bid of $298 million.

Commercial real estate company CBRE Limited, the property’s court-approved receiver, has been assigned to market and sell the 65-storey tower’s 211 hotel units, 74 residential units, retail and commercial space.

“Opportunities to acquire such a prominent trophy asset in Toronto’s financial core are extremely rare,” Bill Stone, executive VP of CBRE Hotel, said.

The company said the property, which has been up for sale for nearly a year, is expected to garner “substantial interest” from overseas investors.

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The sale comes against the backdrop of a Donald Trump presidential election win in the United States that has sparked protests across North America.

Although Trump has no ownership stake in the Toronto tower and licenses his brand for a fee, it didn’t stop protesters from staging rallies outside the building last October after the controversial politician made disparaging comments about women.

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The building, located at the corner of Bay and Adelaide Streets, has been plagued by problems since it opened in 2012.

Trump and Talon International, the building’s developer, are currently being sued by a group of property owners for misleading marketing practices.

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The City of Toronto also issued a $2,000 invoice in 2015 to the building’s developer over costs associated with disruptions from an unstable antenna discovered on top of the Trump Tower.

The tower had further structural issues after a large glass panel was seen dangling from a room on the 52^nd floor in 2014.

But CBRE maintains the property is still highly sought after despite its shortcomings.

“The property also provides the acquirer with substantial unrealized potential in Canada’s biggest and best performing hotel market and we expect to see robust demand for this asset from both international and domestic investors,” Stone said.