Legal Battle Continues Over Nassau Condo
The long-running legal battle over an upscale, $7 million West Bay Street condominium project has reignited over attempts to place it into court-supervised liquidation, Tribune Business can reveal.
The ‘Allure’ or ‘The Palms’ project, located just east of Caves Heights on New Providence’s northern shore, is the subject of a winding-up Order that seeks to appoint Craig A. ‘Tony’ Gomez, the Baker Tilly Gomez accountant and partner, as its liquidator.
The winding-up petition has been driven by the purchaser of a unit in ‘Allure’, who is alleging that, after failing to complete construction of the project, the first developer, North Andros Assets, has failed to return their $1.199 million despite demands to do so.
They have been backed by several other purchasers, who have also yet to receive their units or money back, and Allure (Bahamas), the developer that attempted to take over the project from North Andros Assets.
However, the winding-up Order and Mr Gomez’s appointment are being opposed by Miami-based financier, Cordell Funding, which – via a mortgage it allegedly held over the 5.295-acre property – obtained a previous Supreme Court Order for vacant possession and has since been trying to sell it.court, financial, real estate