Two separate property schemes which have seen British property investors losing their money on developments in Spain and Bulgaria have been making headlines this week.

One of the cases involves 1966 World Cup hero, Sir Geoff Hurst, who famously scored a hat trick in England’s win over Germany in the soccer final at Wembley.
He was in the High Court recently giving evidence about how his name was used to help promote a Spanish property scheme.

The former footballer has teamed up with six other investors to sue businessman Mark Cordner for a total of £2 million, Sir Geoff stated that he had personal lost £600,000 due to Cordner’s alleged deceit, negligent misstatement, breach of fiduciary duty and wrongful conspiracy.

He and the other investors put up money for seven off-plan apartments in the Aloha Royal development near Marbella but they claim Cordner’s mis-management has caused them to lose their rights over the properties.

Cordner in turn has claimed he was merely a salesman for the development and that the person to blame was another businessman called Michael Hone whose cannot now be traced. However the QC acting for 68-year-old Sir Geoff and the other six victims claims that Cordner and Hone were in partnership.

While this case is going on several other British investors who bought apartments in the Bulgarian ski resort of Bansko are making plans to gather in the town to demand they be let in to the properties.

They claim they have been denied access to the All- Seasons holiday complex by a Bulgarian property firm which they allege has illegally taking possession of the building. It has been reported that around 70 families paid more than £6million for the one and two-bedroom flats off-plan through Rockarch Estates, a London agency for British buyers of Bulgarian property.

Rockarch in turn claims it has defrauded by a Bulgarian business partner who the company says secretly transferred 29 of the flats, plus a restaurant, swimming pool, spa, conference hall and 30 parking spaces to a Bulgarian firm, Zekom, for a fraction of their real value. The case has been referred to the Bulgarian courts.

In an interview with the Daily Mail newspaper a Zekom spokesman said the company’s payment for the apartments ‘was done in full compliance with Bulgarian law’ and added: “No access is denied to owners who have presented their title deeds.”

© Fly2Let.net Ltd 2010 l Terms of use l Contact l Free Subscription l Webmaster
Brazil l Bulgaria l Canada l Cape Verde l Croatia l Cyprus l Dubai l Egypt l France l Germany l Hungary l India l Italy l Morocco l Portugal l Romania l Slovakia
South Africa l Spain l Thailand l Turkey l UK l USA l Other Countries
Investment Property l Off Plan Developments l Ski Property l City Apartments l Golf Property l Beach Front Property l Land Investment
Cheap Flights l Car Hire l Property Finance l Property Insurance l Travel Insurance l Property Maintenance l Overseas Removals l Currency Exchange l Exhibitions & Seminars