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It’s called bailing out!!!!!!!!!
😈 😈 😈 😈 😈
Leonardo Cromstedt was the main shareholder in Eralia…or so we were led to believe.Mr Eustaquio Moleon was listed as Jimminez Moleon on the shareholders list. He owns Moleon Construcciones (sp?) who were the builders of Green Hills. Las Vistas,supposedly to be demolished ,is a Moleon development. It stands behind Los Lagos. The mind boggles.
With so many court cases against Eralia I’m amazed they can just “sell out” !!!!!!!!!!! Maybe they want to “get rid” of the name Eralia as it has had a great deal of bad publicity and they are hoping that these three developments will get a new personna under new ownership!!Laggen how did you hear about this.?
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Any thing can be sold. Its a question of price. Besides dont take this on face value there could be other reasons behind the sale such as asset stripping and a token sale price could have been paid or legal as far as I am aware.
Some of you may in the 70s, this was the done thing to do. If my memory serve me right a famous person at the time called James Slater, gained a lot of fame,
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Thanks Colin 🙂 We are already out thank goodness.
I’m wondering how this will affect the many Court cases going on against Eralia owned companies. Whilst Santa Maria Green Hills is owned by Marbella Vista Golf and La Hacienda del Senorio de Cifuentes is owned by Dreamhills , Los Lagos was owned by Eralia. Eralia being part of the Sifasa Group.
Is Leonardo Cromstedt still a director of Dream Hills and MVG? These two companies were/are under the Grupo Eralia umbrella. When the s*** hit the fan in 2005, everyone was told that Eralia was just the promoter! 😕 Not what their glossy brochures said. -
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My feeling as to what could be behind this is maybe Grupo Eralia simply does not want their ‘prestigious’ name connected with the many court cases going on. Remember that they have even won awards for ‘best appt’ etc. in the past and have quite a reputation to try and preserve.
Because of the current situation of these three developments re. revoked building licences and refused LFO’s applied for by the Administrative Silence route, there is a possibility they just want to disassociate themselves to protect the Eralia name……and of course to avoid any of the responsibility.
And/or maybe they have heard something a bit more sinister that could be coming down the line? Am sure if the Town Hall start issuing fines to developers there could be quite a lot of (bad) publicity just waiting to happen.
It seems it has always been Eralia’s policy to open a ‘daughter’ company for each new development – often with the same men as directors. Just a good way to protect the parent company in times of trouble.
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Charlie
I think it is less sinister than you think. Our development was “transferred” to Arquigest once there was an asset (that is a set of buildings) to transfer and therefore less risk to the main company.
One of the worries was that the holding company would go bust as it had no assets, well now it’s been transferred to a company with assets.
regards
Paul
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Long, long time returning to this forum – however in preparation for a court hearing this week, nearly 20 years after our unfortunate experiences in Marbella and with Eralia began, I discovered this thread and it’s worth fishing for any updates or ‘this is what happened to us’ accounts.
In short, we reserved a ‘Luxury Golf Apartment’ (to quote Eralia’s brochure) on Green Hills in 2003 – we paid a third deposit (about €130,000) on it off plan. By the time the apartment was completed the news that the promised golf course that was to be a key feature of the development wasn’t going to be built as Eralia hadn’t secured Planning Permission. The impact of this was considerable: 5 of the originally planned blocks were not even begun (reducing the size of the urbanisation by about 50% and therefore making it less interesting to attract other businesses such as restaurants, cafes, convenience stores etc to the development); the absence of the golf course meant the golf club with amenities such as a gym and leisure facilities, restaurant/cafe etc would not be built. The orignal purchase prices offerred were therefore hugely overvalued. Add to that, the Marbella area property scandals were beginning to arise, the market generally plunged and we were faced with Eralia being intransigent over the valuation – their ‘compensation’ for the lack of golf course was to offer free airconditioning – at the time I estimated about €4,000 value – for a drop in market value of the apartments (in the high €300k range) of 30-50% depending on one’s view.
We refused to complete on the property at that price – offered to continue if Eralia made a significant reduction in the price, which they point blank refused. So we went to court – eventually – the huge number of property cases at the time meant a long wait. Eventually it came, we won. Eralia appealed, another long wait, we won again. Another appeal and wait, we won again. And were told at the time ‘that’s it, there is no more right to appeal’. Somehow Eralia again appealed…. Since then the case seeems to have been buried in a drawer in the courts during which time Eralia went out of business.
The hearing this week is to try to recover our money from the banks (with which Eralia had committed to arrange guarantees on the deposits) which we understand now own the whole development.
If anyone has similar expeirience of buying on Green Hills and of Eralia in that regard, that they don’t mind sharing, I’d be very grateful – though I know it is short notice.
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