Hitting close to home

For the Toll Brothers, purveyors of fine McMansions, that is.

"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."

As commenter Marcus Aurelius astutely pointed out in the comments at the Barry Ritholz post I got this from, it seems the Tolls and their kin drank their own kool-aid and is as surprised by this as other dumb schmucks caught in the subprime malestrom.

What remains of an American dream

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