Luxury builder's relative walks away from home purchase

Et tu Brute?

Luxury home builder Toll Brothers says a member of its founding family is attempting to walk away from a new condo purchase agreement, according to a Reuters report today. From the news story:

The daughter of Vice Chairman and co-founder Bruce Toll informed the company last month that she and her husband "did not intend to make settlement" on a $2.47 million home they had previously agreed to purchase, the company said in a regulatory filing.

Toll Brothers went on to say that it intends to pursue its rights under the agreement of sale with Toll's daughter, Wendy Topkis. (Credit: Reuters)

Ever since the market began to turn for new homes, builders have reported increases in cancelled purchase agreements, but this one from a Toll family member adds a new twist.

The report from Toll comes just a week after the company said it sees no signs of improvement in the slumping housing market, and expects a 22 percent decline in home-building revenue for its first fiscal quarter, ended Jan. 31, Reuters reported.

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