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Around 2010 I noticed a new off-plan scheme in Murcia called Lake Argos Residential Development being advertised though Prime Location and other portals / web sites.
They were offering Murcia land investments for only £25,000 per plot of 288m2, which works out at around £87/m2, or 100€/m2.
They claimed to be priced 50% below current market values. Now this location is in the back of beyond, and it’s a bit much to expect that local land in Murcia was worth 200€/m2.
They made a bunch of other claims, pinning much of the investment potential on a Paramount Theme Park being built in the area, which I personally doubt will ever happen as planned.
They had a website but it seems to have disappeared: http://www.lakeargosbrochure.com
I have found one agent website that still has the project listed: http://www.jsbicinc.com/Spain.html
Other than that I can’t find much about them online, and was just wondering what happened to them, and if anybody “invested”. Anyone got any info? I thought it was a weird project to be marketing heavily in that location at that time.
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From 2008-2010 I purchased shares in an unlisted company, Maji Capital Partners. I believe that the company no longer exists. I am more concerned with a scheme set up by Maji’s Andrew Meikle through a company, which I assume was part of the same organisation, called Prime Terrain Ltd. The scheme was the sale of building plots in Murcia, Spain under the name Lake Argos scheme or Argos Sol Development. I purchased 7 plots at a cost of £32K. I have never had any documentation confirming my legal ownership of these plots, and am very concerned to chase this up. I believe that this is defrauded of this money. I am keen to contact others who may be in the same position so that we can chase this up together and have more chance of success.
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It seemed like a very strange scheme. My first thought when I saw it was “scam” just like the Fortuna Land Scam. Your feedback just confirms my suspicions.
You may find that other investors are too embarrassed to come forward.
I’m very sorry that you have lost your money, but what was it that made you think this was a good investment at a time when it was common knowledge that Spain was going into a property bust. Spanish land is a notoriously risky investment.
This not the first and it won’t be the last Spanish land scam. 👿
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