Luxury Builder's Own Daughter Bails on a Deal
February 11, 2008 by Jim Remley comments (3)Toll Brothers, the nation's largest builder of luxury homes, said this week 28 percent of customers canceled agreements in the fiscal quarter ended Jan. 31.
Toll Brothers, beset by customers walking away from agreements to buy new homes, said that one cancellation last month came from the daughter of co-founder and Vice Chairman Bruce Toll.
Wendy Topkis and her husband, Douglas, told the company last month that "they did not intend to make settlement" on a $2.5 million Florida condominium, according to a filing Friday with the U.S. Securities and Exchange Commission. Toll Brothers said the company "intends to pursue its rights" under the purchase agreement.

