One of the Toll family members decided to walkaway from a condo purchase:
"Luxury builder Toll Brothers Inc (TOL), hurt as many buyers to try to get out of contracts for new homes amid falling prices, says a member of its founding family is trying to walk away from an agreement to buy a new condominium.
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 . . . The contract with Topkis was reached prior to fiscal 2007, it said. The location of the condo was not disclosed."
Toll relative walks away from new condo – filing
Reuters, Mon Feb 11, 2008 9:54am EST