IRM took over Polaris World, now in administration

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This topic contains 18 replies, has 9 voices, and was last updated by Profile photo of Anonymous Anonymous 3 years, 1 month ago.

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  • #56204
    Profile photo of Anonymous
    Anonymous
    Participant

    IRM is a company the creditor banks set up to take over the assets of Polaris World to avoid a spectacular bankruptcy.

    IRM has just gone to court to seek protection from creditors, a move essentially forced on it by the bad bank.

    This going to get interesting.

  • #118441
    Profile photo of angie
    angie
    Spectator

    Doesn’t this raise doubts about the recent topic also on here ‘Tonight-Bargains in the Sun’ which features Polaris World development Terrazas de la Torre, La Vida Spain? Just hope nobody has entered into negotiations with PW as a result of their plug on this programme 😯

    Cannot believe this follows so soon, really still is ‘buyer beware’ it seems πŸ™„

  • #118447
    Profile photo of
    Anonymous

    Hacienda Riquelme Golf Resort is the Best one by Far, A beautiful Place to Relax or even to Live.. πŸ˜€

  • #118448
    Profile photo of angie
    angie
    Spectator

    sooty, are there any links to La Tercia Golf closing, and/or info on residents’ association there as to their course of action? πŸ™„

  • #118449
    Profile photo of
    Anonymous

    Angie, sorry for the late reply, I dont have any links, nothing on google right now.

  • #118451
    Profile photo of angie
    angie
    Spectator

    Thanks for the info sooty, I feel very sorry for your friends. Didn’t P.W. pay Jack Nicklaus to be their face of marketing?

    So even at 33,000 euros those so called bargains recently advertised could be more or less worthless with no golf and facilities for leisure 😯

    It begs the question though, with so many golf course developments in Spain, how many of the Golf Clubs are making profit/breaking even or losing money, and if they go bust, presumably the premium for buying on a course goes out of the window? Unless another group buys them out πŸ™„

    Spain may have overdone such developments, even some courses I know on the CDS, building stopped completely leaving skeletal blocks, roads unfinished, promised security gates to resort unmanned, landscaping stopped etc πŸ™„ A lot of owners paid rather large debentures 10’s of 1000’s of euros too πŸ™„

  • #118452
    Profile photo of Anonymous
    Anonymous
    Participant

    πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜† πŸ˜†

  • #118453
    Profile photo of angie
    angie
    Spectator

    Sooty, take no notice of this silly man Paul aka UBEDA πŸ˜† , pops out from time to time from his hiding place on the CDS, this is a man who not only works in Spain, lives in Spain, owns property in Spain, but admits he doesn’t like living next to – guess what? Yes Spaniards what a saddo πŸ™„ He thinks it’s ok for behaviour like P.W. to continue to mislead more people like your unfortunate friends if it’s in his interests to do so πŸ‘Ώ

  • #118454
    Profile photo of katy
    katy
    Spectator

    I thought it was offensive too πŸ‘Ώ What else can you expect of someone involved in the property market on the CDS :mrgreen:

  • #118455
    Profile photo of angie
    angie
    Spectator

    Especially him who likes to talk up certain golf developments on the CDS katy πŸ™„

    Here’s the latest on the IRM/Polaris World situation for sooty, and others involved, I think the gist is that they still have 4 months to reach agreement with it’s creditors so something might come of it πŸ˜•

    http://www.elconfidencial.com/empresas/2013-10-10/sareb-lleva-a-concurso-activas-de-polaris-world-y-hace-un-roto-a-sabadell-y-popular_39497/

  • #118461
    Profile photo of Anonymous
    Anonymous
    Participant

    @sooty wrote:

    Angie, sorry for the late reply, I dont have any links, nothing on google right now.
    We have freinds who have an absolutely beautiful Villa there [like an american show house] they are retired & Live on the resort, they bought off plan , both are now ill & very depressed, they have been trying to sell for 2+ years now, but they now know its never going to sell,not in near future anyhow. The golf course grass has turned black & the resort is just like a gost town.

    To be honest not too sure about what action is being taken,but i think there is something going on

    some of the apartments were being sold off a while ago for 33,000 euros, with the remaiming un-sold ones now being stripped of all the interior fittings, kitchens ,bathrooms etc by the builders.

    can things get any worse around here ? we can only hope not

    ( with the remaiming un-sold ones now being stripped of all the interior fittings, kitchens ,bathrooms etc by the builders.)
    Don’t know the builders would be stripping out the properties, because the banks own the properties ,ive not see builders on here for a long time.

  • #118467
    Profile photo of
    Anonymous

    Builders or just Theives they have been seen stripping the partments by other residents, shamefull !!!

    the problem for IRM & the remaining golf resorts is that most are losing money, i personaly cant see anyone taking on these resorts knowing that they are not making money, however the right minded Entrepreneur [preferably not Spanish] can turn these golf resorts around. The Spanish try to make too much money too quick, 50+ euros a round is too much right now, i know many owners who will Not pay that price,even though they can afford it πŸ˜₯
    I am not a golfer by the way, but we love the spaciousness & views on our resort… πŸ˜€

    Regarding this UBEDA, theres always one, usualy in a village though… πŸ˜€

  • #118468
    Profile photo of angie
    angie
    Spectator

    With so many golf courses sooty, I never knew why rounds of golf cost upwards of 50 euros on most, on the CDS 65+ is not uncommon then it’s plus a buggy too. When trade falls they often raise prices rather than make it more competitive πŸ™„

    Are you still having to pay the same community fees or are they cancelled for now? πŸ™„

  • #118470
    Profile photo of
    Anonymous

    Angie,

    We do Not have a properrty on united golf la tercia, our freinds still pay some kind of fees on united golf .
    we are on nearby Hacienda

    what you have said about increasing prices when trade is down is exactly the Spanish mentality,thats why the country is in the state its in,
    i mean its not rocket science is it.:!:

  • #118473
    Profile photo of Anonymous
    Anonymous
    Participant

    There are no plans to stop paying community fees at the IRM resorts and if anything they are likely to increase (again!) further especially with the debtors position.

    Seems as if the Owners Presidents and Committee are unwilling to be involved or even communicate what has happened to owners.

    madness!

  • #118477
    Profile photo of
    Anonymous

    If the community fees continue to go up so will the list of Debtors

  • #118556
    Profile photo of logan
    logan
    Participant

    I may be able to shed some more light on the plight of IRM. The company is actually owned by Banco Valencia, Banco Sabadell and Banco Popular/Caxia. They have assets valued at €668 million although that valuation is suspect and predates the crash.

    IRM own five former PW golf courses in Murcia, two luxury hotels and various bars and restaurants. All of which are uneconomic. Only one golf course, Mar Menor makes a modest profit. The problem is caused mainly by the huge cost of water in a desert region. Golf courses are classed as industrial and pay a premium for water. IRM have been trying to get their water re-classified as rural but the water companies will not play.

    The bad bank (SARB) have previously been forking out huge sums to keep these golf courses viable in the hope a buyer can be found. The banks will not sell them off individually and seek a buyer for the entire portfolio.

    Now IRM have been forced in bankruptcy protection in a move designed to force the SARB to cough up more cash to keep them going. They (IRM) have four months to make payments to their creditors or fold. It’s unlikely the banks involved will help out.

    For the SARB it’s a question of throwing good money after bad in the hope an investor can soon be found. That will be a decision for the Bank of Spain.

    However even Bill Gates may balk at this loss cause. Then again maybe not since he has just put millions into FCC who are equally struggling. Mr Gates has many qualities but I’m not sure investing on a global scale is one of them. πŸ™‚

    If IRM do fold these communities will be in further serious difficulties since golf is their life blood. Properties have already fallen around 60 -70% of their original value and many former PW communities are debt burdened at owners fail to meet their obligations.

  • #118557
    Profile photo of angie
    angie
    Spectator

    Thanks for the good info and knowledge on this topic logan, and, it’s good to see you back from your travels πŸ˜›

  • #118558
    Profile photo of Anonymous
    Anonymous
    Participant

    It is being so cheerful that keeps you lot going! πŸ˜₯

    Yes there are problems, but all still eat everyday and we are all lucky to own a 2nd property in the sun. If the golf course goes bust then we will do something to solve the issue, as that what us Brits do when our backs are against the wall. Whether we buy the course as a going concern, or turn it into gardens, we will sort it out. As for the property prices, I cannot see there is much further to fall than the current 60,000 Euros for an apartment, so it is what it is. Keep smiling that’s the ticket πŸ˜€

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