Trump must sell GM building under Supreme Court decision.

With Donald Trump losing his 1 6-month legal battle with Conseco for the GM building, the 50-story, $1 billion plus tower is again on the market.

On May 28, Trump was ordered by the Manhattan Supreme Court to sell his 50% interest in the building.

"The General Motors Building

Conseco and Trump purchased the building in 1998 for about $800 million with Trump putting in $11.2 million and Conseco contributing $212 million to the deal. The remainder was a $700 million shared mortgage.

Since the 1998 deal, Conseco filed Chapter 11 Bankruptcy and Trump offered to buy out the' insurance giant's interest in the building for $295 million plus the remainder of the mortgage. The deal fell through after Sept. 11, according to published reports.

The parties have mutuallyge 16 greed to sell the building, but the terms of the division of proceeds are confidential, said Bill Shea, Conseco president and CEO.

"This agreement ,is very good news for Conseco," said Shea in a prepared statement. "We are pleased that we've been able to resolve our remaining differences with the Trump organization and avoid delays in monetizing the value of our investment. The building will be, put up." for sale immediately to permit Conseco to put the substantial value of this investment to work toward our restructuring program."

The marketing of the building has began, but so far there has been no firm offers, said Jim Rosensteele, spokesman for Conseco.

The Durst Organization, nor Vornador Realty would comment on whether they had interests in the building and Tishman-Seyer could not be reached for comment.