Sporting Clubs/Resort Investment Scheme Uncovered
My favorite place on the planet is in the Turks and Caicos, on the small island Caye Caulker, located next to the larger, Ambergris Cay. The region is known for its amazing sea life, scuba diving, atolls and incredible natural beauty. This heavenly place has a relaxed vibe and island life that you will never want to leave. I’ve always wanted to own property here and while picturing my dream retirement, I came upon this information that might also be relevant to those in the US involved in their other properties.
I’ve just learned that the Ambergris island developers, (currently featured on AWE Private Islands series) DPS is having the plug pulled by the Caribbean Bank, BCB on what is described as 1 Billion dollar real estate scheme. The Company and it’s private investors creates private five-star sporting communities on historic and unique properties around the Turks and Caicos region. They also have developed sites on the mainland that you may know!
Heads up to those involved with any of these sites including the Greenbrier Sporting Club in West Virginia, Snake River Sporting Club in Jackson Hole, Wyoming, the Ford Plantation in Georgia and Deep Water Cay Club on Grand Bahama Island.
Full Story from Turks and Caicos Today, March 7, 2015:
AMBERGRIS Cay workers are out on their ear after the luxury residential development was plunged into receivership – the latest in a trio of schemes to apparently have the plug pulled by British Caribbean Bank (BCB).
All operations on the tiny island have been suspended and all but a handful of security and maintenance staff sent packing.
One employee told the Weekly News that foreign workers had been given paid flights home.
Nine firms associated with the exclusive $1bn scheme – once dubbed the Hamptons of the TCI – have been placed in the hands of Provo-based receiver Dean Charles Boyce.
The move comes four months after the collapse of Johnston International. The construction giant went into official liquidation in September, three months after employees were locked out of their headquarters by BCB.
And in September 2009, BCB was appointed receiver to the fallen Nikki Beach resort. BCB chief Lord Michael Ashcroft has long denied any involvement with the controversial South Beach-style hotel, despite contradictions by its developers.
The Turks & Caicos Sporting Club opened on 1,100 acre Ambergris Cay in 2008, selling home sites for up to $6.5m.
The previously uninhabited island, 50 miles from Providenciales, was to eventually feature 350 private family homes with all the amenities of a five-star resort. Only a handful were ever constructed.
In November 2008, 34 workers were given the boot following a slump in sales.
The tiny cay is home to the region’s longest private airstrip which allowed international visitors to fly there directly without having to clear immigration in Providenciales.
The 5,700-foot runway is also currently closed.
In addition, the island features a spa and fitness centre, environmental learning centre, bar and restaurant.
Ambergris Cay was bought by Canadian businessman Henry Mensen in 1995. Mensen helped lead the Sporting Club project along with local luminary Harold Charles. The airport was named in former SkyKing chief Charles’s honour.
The pair were bought out in March 2008 by developers DPS TCI Ltd and some private investors.
DPS bosses Peter Pollak and Steve Schram were granted Belongership status by ex Premier Michael Misick after investing millions in infrastructure into the scheme.
DPS creates private five-star sporting communities on historic and unique properties around the region.
Other sites include the Greenbrier Sporting Club in West Virginia, Snake River Sporting Club in Jackson Hole, Wyoming, the Ford Plantation in Georgia and Deep Water Cay Club on Grand Bahama Island.
In May this year, Pollak spoke of sales in recent months of almost $20m. And just last month, in a website posting, bosses spoke of their excitement at opening for another high season.
A notice from BCB confirmed the appointment of a receiver had been made by the bank as a lender, and as agent and security trustee for the lenders on November 11.
BCB managing director Andrew Ashcroft declined to comment.
By Gemma Handy