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I’m guessing with the latest Costa Rica real estate disaster AKA Hacienda Matapalo they will need to remove a few of their videos like this one.
The woman asks “has Wall Street stolen your future” and “learn how Hacienda Matapolo —— can give you both financial freedom and peace of mind in a place they call paradise.”
What a riot!
Sadly I received an email from a woman in Florida earlier today who has “invested” $200,000 with this group Hacienda Matapalo…
Based on the documents I have been emailed (which is a LOT more than what has been published here) I doubt very much she’ll see that again.
Another avoidable tragedy for hundreds of busy people approaching retirement and dreaming of a sunny retirement.
Makes me sad.
Scott
I find this kind of crap disgraceful. These crooks should be prosecuted and left pennyless. This kind of stuff may explain the hesitantcy of many to buy in CR, especially with a developer. I am beginning to see the point of some complaints here against these “expats” and it shines a bad light on those who are honest folk looking to relocate in CR.
Good job Scott.Did they do the work shown in the construction videos, or were those videos taked elsewhere? Was there recent bad news about the development?
Was curious myself as their sales schtick seemed a bit too slick at times. Sure enough they are having problems.
From businessweek.com
http://news.businessweek.com/article.asp?documentKey=1376-LYZRFO0YHQ0X01-2PU9I57JL2ID7K63FPOVSCTRKQ[quote]Costa Rica Property Owner Centam Agrees to Dismiss Petition
Centam Partners LLC, a developer of residential property in Costa Rica named Hacienda Matapalo, filed a petition for Chapter 11 protection on Dec. 20 in Fort Lauderdale, Florida, and consented to dismissal of the bankruptcy on Feb. 3.
The secured lender UTA Capital LLC contended that the Chapter 11 petition was a “classic” case of a filing “in bad faith and without any prospect of reorganization.”
The terms of dismissal prohibit Centam from filing another Chapter 11 petition anywhere within the U.S. for one year.
Centam indirectly owns a 625-acre parcel approved for residential development. The company also holds a concession to develop beachfront property. The property is on the west coast of Costa Rica.
The petition says assets are $10 million while liabilities total $7.5 million, including $6.9 million owing to secured lender UTA.
The case is In re Centam Partners LLC, 11-44590, U.S. Bankruptcy Court, Southern District of Florida (Fort Lauderdale).
Costa Rica Property Owner Centam Agrees to Dismiss Petition
Centam Partners LLC, a developer of residential property in Costa Rica named Hacienda Matapalo, filed a petition for Chapter 11 protection on Dec. 20 in Fort Lauderdale, Florida, and consented to dismissal of the bankruptcy on Feb. 3.
The secured lender UTA Capital LLC contended that the Chapter 11 petition was a “classic” case of a filing “in bad faith and without any prospect of reorganization.”
The terms of dismissal prohibit Centam from filing another Chapter 11 petition anywhere within the U.S. for one year.
Centam indirectly owns a 625-acre parcel approved for residential development. The company also holds a concession to develop beachfront property. The property is on the west coast of Costa Rica.
The petition says assets are $10 million while liabilities total $7.5 million, including $6.9 million owing to secured lender UTA.
The case is In re Centam Partners LLC, 11-44590, U.S. Bankruptcy Court, Southern District of Florida (Fort Lauderdale).[/quote]
Interesting to see that contrary to what was claimed by the CEO of Hacienda Matapalo Mr. Matluck, Centam Partners “consented to dismissal” of the bankruptcy case, which is a little less voluntary than what he had said which was that it was “withdrawn…”
And the following does not sound too upbeat does it…
The secured lender UTA Capital LLC contended that the Chapter 11 petition was a “classic” case of a filing “[b]in bad faith and without any prospect of reorganization.[/b]”
Scott
My understanding is that UTA has first position on the property directly through Centam’s subsidiary in CR. Considering most of the permitting heavy lifting is done and some work as well, this is different in many respects from you know who. One hopes that some form of it will be built someday.
Regardless, the claims and prices were inflated and then the market deflated. Not a good combination.
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