Anguilla News
He had bought the complex and the golf course for $15 million in June. If he does manage to sell the resort and real estate for $24 million, he effectively gets the golf course (which cost $50 million to make) for free and makes a profit of $9 million.
This Anguilla golf course is sensational and it is adjacent to the luxurious CuisinArt Hotel, a strong and free addition to the resort.
The remaining 32 acres and unfinished hotel and villas would need another $95 million to complete. It also comes with legal problems from villa purchasers who have put down millions in deposits (which have apparently been spent by the previous developer).
Details at the Wall Street Journal.
CBRE Hotels has completed the sale of Temenos, a world-class oceanfront resort development on the southwest coast of Anguilla, in conjunction with British Virgin Island real estate firm, Smiths Gore.Leandro Rizzuto, owner of the adjacent CuisinArt Resort & Spa, purchased the resort for $15 million in a public auction held on June 7, 2011. Temenos will be renovated and re-open in the fall of 2011 as the CuisinArt Golf Resort & Spa.
"Upon completion, Temenos will be one of the most sought-after destinations in the Caribbean," said Jeff Woolson, Managing Director of CBRE's Golf & Resort specialty group. "The development features nearly a mile of beach frontage, luxury residential units and Anguilla's only golf course, along with an exhaustive list of the type of top-shelf amenities one would expect from a resort property as prestigious as Temenos."
Temenos had been in receivership since February 2010, after the developers defaulted on $180 million in loans and reportedly needed an additional $125 million in financing to complete the project. William Tacon of Zolfo Cooper, receiver for Temenos, said "this has been a very complex disposal involving many stakeholders but it shows that the receivership process can be used successfully to realize a complex development in the Caribbean region."
Temenos is in various stages of development and the completed transaction included a combination of freehold and leasehold interests totaling approximately 277 acres. Infrastructure for a 32-key resort and spa complex has been partially completed and there are 14 acres of unallocated development land. The golf course is complemented by extensive practice facilities and a first class clubhouse measuring approximately 20,000 sq. ft. A reverse osmosis, desalination water plant supplies irrigation water to the golf course and potable water to the development.
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