The 65-story Trump Tower in Toronto goes belly-up and into receivership

Toronto Blue Jays player J.P. Arencibia and Donald Trump attend the Grand Opening Ribbon Cutting Ceremony at the Trump International Hotel and Tower Toronto on April 16, 2012 in Toronto. Toronto Blue Jays player J.P. Arencibia and Donald Trump attend the Grand Opening Ribbon Cutting Ceremony at the Trump International Hotel and Tower Toronto on April 16, 2012 in Toronto. Photo: George Pimentel/WireImage Photo: George Pimentel/WireImage Image 1 of / 17 Caption Close The 65-story Trump Tower in Toronto goes belly-up and into receivership 1 / 17 Back to Gallery

The tallest residential building in Canada's largest city, named for the Republican presidential nominee in "the States," has gone into receivership.

Launched with great fanfare by Donald Trump and his offspring four years ago, only 44 of 118 condo units have been sold. The hotel occupancy rate is low, and room rates for the hotel have fallen by 30 percent, according to court documents.

The Trump Organization does not own the building. It licensed its name and has a contract to manage the property, complete with such services as Trump Pets and a Trump Experience outing. Its management is expected to continue after ownership is thrashed out.

Trump went into a business relationship with developer Talon International, Inc., controlled by Russian steel magnate Alex Shnaider. Shnaider is known for such touches as hiring Justin Bieber to serenade his 16-year-old daughter at her Sweet Sixteen party, Politico reported Thursday.

JCF Capital, ULC, recently purchased the construction loan on the four-year-old building. It claims that Talon International, and related companies, have defaulted since 2015 on making payments.

In court documents, JCF Capitaol says that Talon has been in default since July 2, 2015.

On Thursday, Justice Glenn Hainey of the Ontario Superior Court of Justice named FTI Consulting Canada, Inc., to serve as receiver and oversee sale of the building. JCF Capital will participate in the bidding process for the building, to own it or recoup its $301 million (Canadian) purchase of debt.

The Trump property has been a magnet for controversy even before Donald Trump began running for presidency.

Talon and the Trump Organization have engaged in litigation.

A Canadian judge ruled in October for two purchasers of hotel units who claimed they were misled by marketing come-ons for the building. The judged cited "deceptive documents" and described the purchase as "a trap to those unsurprisingly unworthy purchasers."

Photo: GENNA MARTIN, SEATTLEPI.COM Republican Presidential candidate Donald Trump speaks during a...

Last winter, after Donald Trump called for a ban on all Muslims entering the United States, Toronto civic officials called for his name to be taken off the building.

The Trump brand has taken a beating during the 2016 campaign. The occupancy rate for his new hotel in Washington, D.C., is such that luxury accommodations that be obtained at lower cost than at other hotels in the heart of the capital.

The Trump Organization is likely to sustain minimal, if any, losses over the tower named for The Donald.

The GOP presidential candidate has pledged to run the federal government as he has run his businesses. Investors in the Toronto tower might have a thing or two to say on the subject.

The grand opening of a Trump Tower in Vancouver, scheduled for last summer and then October, has been put off into 2017. City officials have called for a new name.