185 Million Euros in off plan deposits lost on just five developments. Want to add yours?

Hi Rambi,

Is it possible for you to give us an up-date regarding the total amount of money lost.

I hope that you have been too busy to post, through sorting out all  the newly reported figures. 

Cheers.

belucky

He probably does not have a calculator with enough digits!!!!!!!

But I too would love to know the total amount of money lost on property in Spain.

which must make it the best scam ever - probably qualify for Guinness book of records!

I'm sure it would beat any Nigerian scam.

*** WARMING *** buying property in Spain can seriously damage your health/wealth *** WARNING ***

Hi be lucky and faro,

Sorry I've not updated recently amd I will do so shortly. Sadly there seems to be not much in the way of new figures so I am taking this opportunity to investigate some investigative journalists.

I will post again later today if I can.

In the meantime does anyone know when the second phase of the Spanish Property Road Show is due?

Regards

OK, Not very much movement on the figures I'm afraid. The figure now stands at

563,195,000€

That's 63 million in excess of half a billion!!!

This is the calculated guess from 21 developments and 21 sources. This averages out at 26,818,000€ per development. Money  stolen from prospective purchasers like us. Of course these figures are not offered as hard fact but as the best guess from the people involved. There are no accurate or official figures available. I've checked with the Spanish government statistical office.

My figures are spread across 21 different size and priced developments totaling from 1 million to 100 million euros per site.

Looking at this average 'guesstimate' of 26+ million per development and using this as our guide consider the following.

Let's be a little conservative and say 25 million per development site. There are no figures for how many sites there are right across Spain so again we have to guess.

Let's say there are 100 sites, that would make 2,500,000,000. Two and a half BILLION euros.

But we know only 100 sites right across Spain is a ludicrously low figure. So let's try 500 sites X 25,000,000€  = 12,500,000,000€. Twelve and a half BILLION euros.

I would guess the total number of sites right across Spain would be in the thousands rather than the hundreds and for each thousand sites our figure becomes double the last figure. 25 BILLION euros.

If anyone can give me an estimated figure of how many sites there are across Spain I would dearly love to have it.

There are other things to consider. No one can even guess at the figures for some of the biggest developments in Spain like Polaris World. Also Spain has been playing this game for the last 50 years or more. What we are looking at here are the figures for the last decade or so. It might be unfair to suggest that these figures have been repeated for the past five decades.

Or would it?

You are right Faro, my calculator is running out of digits.

Regards.

Rambi.

Hi -

Just been looking at your threads and I note that  "our " development is not listed , the details are as follows :

Development:

Hi Rambi, I gave you some estimates of two or three developments I am aware of but don't see the figures I gave you included here for some reason. You were happy with the basis of my estimates at that time.

Cheers,

KoS999

dear buyers im getting a bit concerned regarding some solicitors posts, on the one hand they  are trying to achieve justice for families that have had their life savings torn away, then in the next line there is an offer of representation on another "bargain in dream land spain!", ????

Hi,

Sorry not to have got back to you and thanks for giving me a nudge. I was at The Spanish Property Road Show last Thursday and spent the week-end in London seeing the family, and only got back to Tenerife last night.

escort 1

Thanks for the figures they will be added to the list and I shall be updating them soon.

king of spain 999

OK forgive me. I have added your figures but have not published them because you confused me, (I'm just a simple lad) My Geographic knowledge of southern Spain is not that good and I was not sure how many developments you were referring to.

Mojocar & Jurro (is this two developments?) at 5 million for the two?

Los Olivos, Azahar, Mirador, Los Narranjos, Anderax: 6 million (How many developments is this?) . It is probably obvious to you because you are involved but for me I was not sure if that was 5 developments or just a long Spanish address. I can see they are both in Almeria.

If they are multiples I would be grateful if you could make one entry per development. As escort 1 did. I'm sorry to be a bit 'picky' and I am grateful for all the help I have been getting but there are those who are not happy with guesstimates and I have to be as precise as I can.

I shall post a full list as soon as I get through this weeks crop of emails. But the up to date figure looks like 654,135,000 but this has yet to be confirmed, and finding an average for each development is impossible without the right data.

Thanks again and regards

Rambi.

 Hi,

I am currently involved with the following development;

Sea & Sun Hills,Sellwo, Estepona.Nos. of apartments 59  Nos of which 10 occupied

Development commenced: Jan.2003 and completion December 2004 which did not happen.

Average price paid: 300,000

Average deposit paid: 100,000 x 49 = 4,900,000.00 lost to developer Blue Storm in adminstration

No Bank Gaurantees' Estate Agent            Ocean Estates; Gone bust? 

To add insult to injury the lawyer representing ourselves( Hasburg McGowan) sold out to a company who are currently our lawyers Direct Lawyers; had the cheek to take their fees 4,200 euros when they sold out for a property that we never completed on.

 This could only happen in Spain.

Good Luck

John Scobie      

Hi John,

Thanks for the update. I shall add it to my figures. Even though you are one of many who have written to me with similar stories it still angers me that these crooks are laughing at us.

I gave my figures to Marta Andreasen at the Spanish Property Road Show and she felt they could use them so every few million helps.

Thanks again.

Regards,

Rambi.

Hi Rambi

OK to keep it simple.

Mojacar Playa Macenas (La Cadima development) say 3.5 Million

Turre say 1.5 Million

There is also a related one that I did not mention called Santa Anna at say 4.5 Million

Los Olivos, Azahar, Mirador, Los Narranjos, Andarax: 6 million and is 5 developments in same Spanish address area of Terque.

All are in Almeria.

Hope that is simple enough.

KoS 999

Hi KoS 999

I love simple, thanks new listing shortly.

Rambi.

 To John Scobie.

It's a while since I posted on here. I looked in at this thread and read your post with empathy and interest.

We also got taken in by Ocean Estates** EDITED - Against forum rules **We also bought on a development  in 2003 where the first phase was never built.  Unlike you we had a BG that we succesfully actioned against Banco Popular (EVENTUALLY!!!) despite the developers/Bank appealing the first Court ruling that we should have our deposit returned( £96,000) We won the appeal and got our deposit + interest+ legal fees paid. We were very lucky and it took us  just 9 months from engaging a new lawyer to actually getting the money into our bank account. I believe we were one of the first people to take action against what is now known about the corrupt practices of Spanish development.

SO....

We won against the developer...next were the ** EDITED - Against forum rules **. We  found and have an amazing Lawyer who was prepared to take ** EDITED - Against forum rules ** for a property that had it's building licence revoked (planning was granted for 12 town houses NOT 196 apartments!), who signed a purchase contract on our behalf full of illegal clauses, and who did not get a BG, despite telling us verbally AND in writing that we had one. ( The BG was given AFTER we were told the building would not go ahead and AFTER the developer had to pay millions of Euros to the bank to obtain one for the first phase purchasers.This was15 months after we paid the deposit) ALL of these apartments had a mortgage on them too!! We actually saw our apartment's documents!

** EDITED - Against forum rules **

My advice,FWIW....get a decent , honest Lawyer.

This message was last edited by Tish on 20/10/2011.

This message was last edited by Tish on 20/10/2011.

Hi Tish,

What a refreshing change to hear of a winner at long last. I'm sure the tide will eventually change but the reaction we got from the Spanish to those of us who managed to get to the Spanish Property Road Show was not comforting.

I tried to confront Sra Corredor and she just turned and walked away as soon as she realized the way the conversation was going. I then literally grabbed the Spanish Ambassador (which immediately alerted two security guards who stayed there) and made it clear that it was an insult for them to come to the UK and try to convince people that buying property in Spain was completely safe. Three of us there told him of our difficulties and he appeared to be in total denial. He refused to believe we had won court cases and never got our money back. His closing words before he was whisked away by security were. "I'm sorry for you". I bet he lies awake at night worrying and feeling sorry about us..

Marta Andreasen MEP was there and she managed to spoil Sra Corredor's day with a fairly heated discussion in both Spanish and English which I was not able to get close enough to hear. I spoke to her later and she appeared to be interested in the figures I gave her regarding the 'Missing Millions' campaign of this thread. I am sending her more details at her request after giving me her card, so my efforts may not be in vain. There is a full report on the show from Keith Rule on the property show thread.

Sorry Tish back to you. Well done and you keep fighting. Your success is an inspiration to us all. It certainly cheers me up.

Regards,

Rambi.

hey up mate tried to get hold of keith but just get an answering machine, can you help to get me on on his petition, cheers sam

Hi Sam.

Google  www.bankguaranteesinspain.com

There is a mine of information there but the important thing is to sign the petition. I am not involved with it in any way but I do believe

everyone in Europe should sign this petition.

Rambi

Hi Sam

Yes, as Rambi correctly says you can join the petition at:

www.bankguaranteesinspain.com

I am in Spain at the moment, so have limited access to emails and phone.  The Finca Parcs/Bank Guarantees mobile is a UK PAYG and it is very expensive to make or receive calls from Spain.

If you have a query regarding the petition please send an email to:

info@bankguaranteesinspain.com

and I will do my best to answer as quickly as possible.

Kind regards

Keith

** EDITED - Against forum rules - Advertising **

united golf la tercia in Murcia, im sorry I don't know the total of deposits lost, but the buiding I put down a deposit on is falling down!, it was only finished 4 years ago!

Deposit of 85,000 Euros paid against Sea & Sun Hills selwo estepona through Ocean estates wh no longer trade, this dates back 2004. At that time the Lawyer was Hasburg McGowan who apprently sold out to Direct Lawyers in 2006. Not sure of the current position. Did contact Costaluz Lawyers who did acknowledge, as yet nothing has happened.

Cheers,

J.G.Scobie