Ivorr Realty Awarded 5.6 million dollars - 04/15/21 10:46 AM
But the kind of odds that any gambler would take are the kinds that Ivorr Realty won with in a judgment handed down last month.
It's the story we broke last night about the 5.6 million dollar compensation that the Supreme Court has ordered the government to pay to a company called Ivorr Realty.
As we told you last night, principal of the company Olivia Villanueva - wife of Rene Villanueva Junior of the LOVE FM media empire - sued the then UDP government - after it took 102 acres Ivorr had purchased from the government on Turrneffe in 2008, a few days before the general election.
Her attorney filed suit in 2019, and the Chief Justice wasn't impressed with the government's lacklustre defence; she awarded Ivorr the value ascribed to it by the claimant's valuator, which is 5.63 million dollars.
It's a straightforward case; compensation must be given for property which the government acquires - but the exponential quantum of the windfall for Ivorr is what is baffling.
Back in February of 2008 when it acquired the land along the east coast of the Turneffe Island Range, the company paid $27,300 dollars - the award of 5.7 million dollars is about 200 times greater than that initial purchase price - a 20,000% come up.
Like we said: a baffling figure - and Jules Vasquez took a heat check on the morning show circuit today:
It's a huge award that government now has to pay, and a massive windfall for Ivorr Realty since the award is about 200 times greater than the initial purchase price of $27,300 dollars paid for the land two days before the 2008 general election.
The morning shows lit up with anger
WUB Morning Vibes (LIVE)
"Things like that da why we den right now where we are as a third world country. These dirtyness is why we cant get ahead."
Mose Hyde, host
"You look at the math at that, that is how a country end up got a debt to GDP."
Guest :If they could change a law on Ashcroft, change a law on this today and put some people in jail. That person who got 5 million, shame on you."
Rise N Shine Louis Wade Jr. | April 14th 2021 | LIVE
"266.00 dollars an acre for land on Turneff beach front and they got 100 plus acres and you know its a 102.5 acres they got 266.00 each, didnt do any development because the government took it away from them right afterwards, this is 15 years later and the court gives them 5.6 million dollars which is 50,000 an acre the court gave these people a reward. That could cause a riot in the country, a protest and demonstration."
This document shows that - back in 2008 - government only collected 365.00 dollars as Stamp Duty on the sale of 103 acres on the Turneffe Islands - from a total sale value of $27,300 dollars - all paid two days before the general election.
The Minister at the time was Florencio Marin Sr - and now his daughter Attorney General Magali Marin will now have to advise government on whether it should appeal the judgement.
Today the Attorney General Magali Marin Young told us she is not at liberty to discuss legally privileged advice that her office may offer the DPM and Minister of Natural Resource.
Rene Villanueva Sr and Jr also declined comment.