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Frank Hovis

Moroccan Villa Complex - £200M Loss

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You can't go wrong with overseas property. And a celebrity angle to make it more newsworthy.

Premier stars face massive losses in £200m Moroccan villa nightmare: Embarrassment for Terry and Ferdinand as project they backed flounders

England footballers Rio Ferdinand and John Terry are among hundreds of Britons who face losing millions of pounds after investing in a holiday villa project in Morocco.

They and other star players, including Joe Cole, Michael Carrick and football pundit Gary Neville, ploughed money into the £200million project believing they would now have the keys to stylish beachside homes – but nothing has been built at the site for four years.

What they were assured would be a luxury resort featuring 1,342 properties, three golf courses and a sports complex is today an abandoned building site. Investors fear there is little prospect of it ever being completed.

And to the embarrassment of the players, many British investors were won over by promotional work they did in return for discounted properties at Le Jardin de Fleur in Saidia.

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By 2007 the company had completed basic works but, despite promises it would be finished by 2010, work stopped in 2009 after the funding parties went bankrupt and the developer has since struggled to find finance.

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Sean Cusack, a director at Property Logic, told The Mail on Sunday: ‘We appreciate the development should have been ready years ago but no one was able to predict the financial crisis.

‘Some investors have become tetchy and at the moment we haven’t been able to find financiers. However, we are in discussions and are hopeful the people who still want their apartments will get them.

‘The footballers have been patient. They know we’re not responsible for the recession.’

Chances of these being built: no hope and Bob Hope.

http://www.dailymail.co.uk/news/article-2308747/Premier-stars-face-massive-losses-200m-Moroccan-villa-nightmare-Embarrassment-Terry-Ferdinand-project-backed-flounders.html

Hahahahahahahahahahahahahahaha......oh make it stop....hahahahahahahahahahahahaha.......... hahahahahahahahahahahaha

- Stevie , Liverpool, 14/4/2013 01:27

Steve is currently on +207, give him a click!

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Not the sharpest tools in the shed are they, footballers?

I've read many times (not on here) about how well footballers were doing from property. This was of course a good five years ago now :P

464 for Stevie, help him make it to a thousand!

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They are paid so much money they pay others to make the bad decisions for them. ;)

They tax avoid the rest

Fekk the working/middle class 'pleb' supporters economy & infrastructure /higher taxes stolen out of wage packets to make up for their avoidance as they are now above paying back dues to society!

(plebs being the major source of their income - not the sharpest . . . .etc)

Edited by erranta

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Rio Ferdinand and John Terry

Couldnt happen to two nicer lads. Assuming they cough up. Which they probably wont :angry:

Do these guys really lose though, or are they paid or given free property to try to entice in other mugs?

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Had a great larf sparring with dog box and his mad schemes

" On joining this forum I tipped Estonia as a key investment target. I now see price increases have been higher than almost anywhere else in the last 12 months, yet the neg - heads at the time told me Estonia would not take - off "

The house price falls in Estonia in 2008 were among the biggest in the world, rivaled only by Latvia. :lol::lol::lol:

Liar loans and hundred percent mortgages - what else?

(nearly bankrupted/blew apart Nordic Banking system)

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I thought it rang a bell ........it was being ramped on here 7 years ago

http://www.housepricecrash.co.uk/forum/index.php?showtopic=27674&view=findpost&p=359507

I wonder where dog box is now

Epic thread

Great find Tankus, it's just full of laughable ramping. This one was nice.

I think Saidia however will become 'the place to be seen' in Morocco and the fact there is a limited supply of property for sale on the development will force prices very high once the place is completed.

he's en route.I jsut made it 857 :-)

889 :)

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Hmm;

Speculative venture in a country renowned for its honest dealing, check.

Promised massive return on investment, check.

To happen in a foreign location that is not too cheap to visit in person on spec, check.

Recommended by a wedge of people whose business acumen is limited to getting vast pay packets for playing football and buying cars and girls at inflated prices, check.

What could possibly go wrong? Applications to E. Mong property ventures. Mwahaha Towers.

Dear Esteemed Sir,

Greetings in the name of the LORD.

It has fallen to me, as the chief promotional officer of Matumba Properties, inc, to offer you the guaranteeing of the profits of buildings of the Golf, the Chalet, and the Pool for Swimming and not Latrine, of the Morocco. All is necessary is you send banking details by return of post and many profits, much happiness and the bottoms of small Moroccan boys shall be yours.

In the anticipations and in the name of the LORD,

Mister the John Terry.

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Dear Esteemed Sir,

Greetings in the name of the LORD.

It has fallen to me, as the chief promotional officer of Matumba Properties, inc, to offer you the guaranteeing of the profits of buildings of the Golf, the Chalet, and the Pool for Swimming and not Latrine, of the Morocco. All is necessary is you send banking details by return of post and many profits, much happiness and the bottoms of small Moroccan boys shall be yours.

In the anticipations and in the name of the LORD,

Mister the John Terry.

Awesome! :)

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I've read many times (not on here) about how well footballers were doing from property. This was of course a good five years ago now :P

464 for Stevie, help him make it to a thousand!

Ahem, that was me!

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  • 246 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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