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Author Topic: Strange goings on at the Royal Sun ???  (Read 17490 times)

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Offline losgiganteskid

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I notice in the window of a LG estate agent there is a large ad for the sale of apartments in what is claimed to be  "Los Gigantes Paradise" aka Royal Sun.

Apartments are being offered from 80,000?

I wondered whether the Royal Sun had undergone a bit of a face lift to accommodate viewings as it has been looking neglected for very many years.  No such luck, I drove up to see the block but it is even worse close up as it looks from a distance.

  The place is in a very sad state indeed, looks totally run down, neglected and somewhat derelict - how on earth any agent can seriously believe anyone would want to hand over money to own a part of that building is beyond me.
I wanted to be the Cincinnati Kid - but couldn't spell it

Offline Falstaff

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Re: Strange goings on at the Royal Sun ???
« Reply #1 on: May 18, 2012 »
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  • Leave it for a week or two Kid and you may be able to buy the whole complex for 80,000 Euros.

    Offline linda

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    Re: Strange goings on at the Royal Sun ???
    « Reply #2 on: May 21, 2012 »
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  • Which estate agent is that?


    Offline linda

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    Re: Strange goings on at the Royal Sun ???
    « Reply #4 on: May 22, 2012 »
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  • Well at last somethings  being done could it be the pressure the government were putting on banks !!!

    Offline gladys

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    Re: Strange goings on at the Royal Sun ???
    « Reply #5 on: May 22, 2012 »
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  • Much as I would love to see the Royal Sun restored to it's former glory , I can't help but smell a rat, especially when you read that refurbishment will only commence when you hand over money!!

    Offline Tanemera

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    Re: Strange goings on at the Royal Sun ???
    « Reply #6 on: May 27, 2012 »
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  • I have heard that the buyer is one John Palmer.  Try Googling that name followed by timeshare and see what you get.  Interesting!

    Offline Julie Scott

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    Re: Strange goings on at the Royal Sun ???
    « Reply #7 on: May 28, 2012 »
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  • Very interesting... stay clear by the sounds of it...

    Offline linda

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    Re: Strange goings on at the Royal Sun ???
    « Reply #8 on: May 28, 2012 »
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  • How sure are we of the owners?

    Offline Tanemera

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    Re: Strange goings on at the Royal Sun ???
    « Reply #9 on: May 29, 2012 »
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  • The information I had was from a friend of a friend.  Caution would, however, seem to be appropriate.

    Offline losgiganteskid

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    Re: Strange goings on at the Royal Sun ???
    « Reply #10 on: May 29, 2012 »
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  • Doesn't appear that the infamous John Palmer has any recent mentions via google regarding questionable activity in either time share or purchase scams - I do note however that both Astliz and Paul Ruane estate agents are giving Los Gigantes Paradise a mention regarding the sale of apartments !! - read into that what you will.  ;)
    I wanted to be the Cincinnati Kid - but couldn't spell it

    Offline losgiganteskid

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    Re: Strange goings on at the Royal Sun ???
    « Reply #11 on: May 29, 2012 »
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  • There's more ...............  a colleague of mine who requested a viewing (via a LG Estate Agent) at Los Gigantes Paradise has been declined on the basis that the apartments have been taken off the market for the time being due to the sales paperwork not being complete   :-\\ :o :-\\
    I wanted to be the Cincinnati Kid - but couldn't spell it

    Offline Tanemera

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    Re: Strange goings on at the Royal Sun ???
    « Reply #12 on: May 29, 2012 »
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  • Doesn't appear that the infamous John Palmer has any recent mentions via google regarding questionable activity in either time share or purchase scams - I do note however that both Astliz and Paul Ruane estate agents are giving Los Gigantes Paradise a mention regarding the sale of apartments !! - read into that what you will.  ;)
      Surely the idea of locking people up in Belmarsh is that they can't then be active in such endeavours for a year or two!

    Offline Falstaff

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    Re: Strange goings on at the Royal Sun ???
    « Reply #13 on: May 30, 2012 »
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  • The prospectus leaves an awful lot unsaid.

    It would appear that the ?developers? may not own the property. They may only have an option to purchase. If so, your deposit will be unsecured against real assets. 

    The last I heard was that  Caja Canarias owned the communal  areas and La Caixa owned the apartments.    A company called Tanhausea SA was attempting to buy the complex and sell off individual apartments. It was also  in discussions with the local council  about obtaining a  licence for touristic letting. That was 5 years ago and apparently nothing came of it.

    Is the property still the subject of legal disputes between the banks and  Ken Boot and between Boot and his predecessor Rodriguez ?

    Is the deposit to be used to fund the refurbishment or is it to be held by a third party until your apartment is completed along with the communal areas ?

    The refurbishment is to be completed in stages, so what would happen if the developer goes bust or runs out of funds before the project is completed and  where would  this leave the prospective buyers in terms of their apartments, their  deposit and their liability for the communal  areas ?
    It sounds to me too much like buying off plan with all the associated risks.

    There is also a great deal of uncertainty at the moment  about the true value of  property  assets held by Spanish Banks which has led to the Spanish government pledging independent audits of bank balance sheets because there is a suspicion that  property asset values are being grossly overstated by the banks.   If this is found to be true there could be major fire sales by banks to unload these bad investments to  improve  their liquidity  and this is bound to drive down property prices.



    Maybe now is not the time to invest in Spanish  property. If you have money to invest  it may be safer to leave it in the bank......................but maybe not ! 

    Offline el presidente

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    Re: Strange goings on at the Royal Sun ???
    « Reply #14 on: May 30, 2012 »
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  • I have watched the video.
    On the same youtube page there is a video called Ghost Town 2.
    It is somewhere south of Madrid and has a comentry. It is unbelievable.

    Offline losgiganteskid

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    Re: Strange goings on at the Royal Sun ???
    « Reply #15 on: July 05, 2012 »
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  • Heard that the "Los Gigantes Paradise" otherwise more commonly known to one and all as "Royal Sun" has been bought by Russians - can anyone confirm. 
    I wanted to be the Cincinnati Kid - but couldn't spell it

    t l c

    Re: Strange goings on at the Royal Sun ???
    « Reply #16 on: July 05, 2012 »
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  • I heard the Russians pulled out and now an Indian guy has it - could be rumour though. The Russians wanted to also put a casino there but council said 'no' !!! it would have been great for the area and pulled in more people, alas it's not to be !! Lets hope the re-furb of the hotel will bring in 'fresh' young tourists & more nationalities

    Offline losgiganteskid

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    Re: Strange goings on at the Royal Sun ???
    « Reply #17 on: August 29, 2012 »
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  • Has anyone bought one of these apartments ? - or anyone know of anyone who has bought, or may be thinking of buying ??

    Me neither !!
    I wanted to be the Cincinnati Kid - but couldn't spell it

    Offline Edward Bear

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    Re: Strange goings on at the Royal Sun ???
    « Reply #18 on: August 29, 2012 »
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  • Lot of work being done by Jobyeca

    Offline Dolly Diver

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    Re: Strange goings on at the Royal Sun ???
    « Reply #19 on: August 30, 2012 »
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  • I have been told (but someone do tell me if I have been told duff information) that the Royal Sun has been sold and the apartments will be sold off privately.

    t l c

    Re: Strange goings on at the Royal Sun ???
    « Reply #20 on: August 30, 2012 »
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  • yes I heard something similar, only some to be sold off privately and the others re-furbed and ran like a hotel, (half&half) but not sure if this is just rumour

    Offline Edward Bear

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    Re: Strange goings on at the Royal Sun ???
    « Reply #21 on: August 30, 2012 »
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  • Word on the ground is that it is Russian money that is doing the upgrade.