Another one bites the dust

The developent Marina d’Or, has been forced to seek protection from its creditors with debts of 681 million Euros, 546 million Euros of which are owed to banks, 

The hotel business of Marina d’Or, with five hotels in the complex, is owned by the same family that own Marina d’Or development. None of the hotels assets will be included the bankruptcy proceedings as the family spun this arm of the business off four years ago.

Apartments that had previously sold for 200k are now worth less that 80k and it is thought the off-plan speculators will lose out heavily as they could not sell their investments on.

I still have the photographs. When this project was at its early stages and I was running my UK based Homes Abroad business. The developers offered me and my two very attractive showroom staff an all expenses paid 3-day visit.

We had a lovely three bed apartment with all mod-cons including jacuzzi. What a wonderful time was had. They were heady days when Spain, to everyone, was a property Klondike but with a far nicer climate than Alaska.