I knew this sort of thing happened on a big scale on the Costas, I didn’t know it was also going on in Boadilla del Monte (smart part of Madrid) 😯
A GROUP of investors who claim they lost millions in a Spanish property scheme may sue an accountancy firm which they claim provided them with false and misleading information, the High Court heard today.
The action is being contemplated by several investors who say they have lost all of the €3.75m they invested, in 2007, in a property scheme called “Boadilla Del Monte”. The scheme related to a proposal to build more than 145 luxury properties close to Madrid.
Strange story. Not sure from the text where it actually was meant to be built – the scheme was called “Boadilla del Monte” but does that guarantee the location???
And this should have rung alarm bells?
They claim the scheme was presented to them by a company called LM Madrid and by two individuals Mr Donal Caulfield Silverdale House, Castle Road Castleknock and Mr Leo Meenagh, Poterstown Kill Co Kildare.
Maybe it’s just me, but would you really buy property off-plan in Spain from developers who’ve never built/sold there before?
It does seem a typical 2007 story though doesn’t it?
Everything you need to know about property in Spain
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