| NEW YORK
NEW YORK Feb 11 Luxury builder Toll Brothers
Inc (TOL.N), 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
Toll Brothers went on to say that it intends to pursue its
rights under the agreement of sale with Toll's daughter, Wendy
A company spokesman was not immediately available for
comment on the filing, which was made public on Friday.
The company, hard hit by the U.S. real estate slump, said
last week that it sees no signs of improvement in the depressed
housing market. It estimated a 22 percent drop in home-building
revenue for its fiscal first quarter, ended Jan. 31.
In its filing with the U.S. Securities and Exchange
Commission, Toll Brothers said it has a policy of providing
home purchase discounts to immediate family members of company
The contract with Topkis was reached prior to fiscal 2007,
it said. The location of the condo was not disclosed.
(Reporting by Martha Graybow; Editing by Steve Orlofsky)