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Sale of Mullet Bay comes up
#319883
05/20/2024 09:31 AM
05/20/2024 09:31 AM
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Joined: Aug 2000
Posts: 82,985 Central Florida!
Carol_Hill
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Posts: 82,985
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LinkI do not think I understand this story. Anyone here have any insight?
Carol Hill
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Re: Sale of Mullet Bay comes up
[Re: Alltech63]
#319898
05/20/2024 10:55 AM
05/20/2024 10:55 AM
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Joined: Aug 2000
Posts: 82,985 Central Florida!
Carol_Hill
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Alltech--Most of us here have followed the Mullet Bay saga since Luis in 1995, although I am certainly not nearly as familiar as many here. It was a timeshare and wholly owned interval resort. After Luis, it never was rebuilt, as far as the main part of the resort. The timeshare section reopened after Luis and then closed relatively recently. Similar to many other properties in SXM, financial shenanigans ensued after Luis.
Carol Hill
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Re: Sale of Mullet Bay comes up
[Re: Kennys]
#319909
05/20/2024 12:33 PM
05/20/2024 12:33 PM
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Joined: Aug 2000
Posts: 82,985 Central Florida!
Carol_Hill
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Leslie--which means, it will be sold to the highest bidder, which to me guarantees it will be a developer. To me, that means high rise condos along every inch of Mullet. What a horror show. God, I hope not.
Carol Hill
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Re: Sale of Mullet Bay comes up
[Re: foreversxm]
#319913
05/20/2024 01:52 PM
05/20/2024 01:52 PM
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Joined: Aug 2000
Posts: 82,985 Central Florida!
Carol_Hill
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Frankly I could less about the golf course. Of course I'm not a golfer, but I doubt actually that there would be that much consternation over losing the golf course, from either locals or visitors. What will destroy that area to ME is if they are able to build huge condos right on the beach, destroying any public access to the beach. And if there is no parking for the beach, then it doesn't matter if TECHNICALLY there is public beach access, as there would be nowhere to park.
Carol Hill
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Re: Sale of Mullet Bay comes up
[Re: Alltech63]
#319919
05/20/2024 03:43 PM
05/20/2024 03:43 PM
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Joined: Aug 2012
Posts: 651
foreversxm
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Carol while I am an avid golfer the golf course at Mullet bay is 1 of the worst I have ever seen and has seen better days we do enjoy walking it in the mornings but I agree the loss would only be in what gets put on the course if they build a massive project. Exactly , not a golfer but I'd rather see some grass than parking lots and buildings. Its a lot of property.
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Re: Sale of Mullet Bay comes up
[Re: foreversxm]
#319924
05/20/2024 07:42 PM
05/20/2024 07:42 PM
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Joined: Aug 2000
Posts: 82,985 Central Florida!
Carol_Hill
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forever--I think you are smoking something there. I seriously doubt there will be any grass left there, once they finish "developing" it.
Carol Hill
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Re: Sale of Mullet Bay comes up
[Re: kim]
#319944
05/21/2024 06:47 AM
05/21/2024 06:47 AM
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Joined: Jul 2011
Posts: 2,032 Westchester /NYC
Colour1
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These are great maps! I sent them to "Wingman"!! He has fond memories , just like your family "growing up" at Mullett resort!!! Thanks for sharing!!
Sand Gravity, got to love it!
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Re: Sale of Mullet Bay comes up
[Re: Carol_Hill]
#319980
05/21/2024 02:26 PM
05/21/2024 02:26 PM
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Joined: Apr 2001
Posts: 14,654 Brookfield, CT.
pat
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We know of a very wealthy US developer who looked and liked it but he felt there was waaaay too much graft and corruption attached to it and too many pockets that needed to be filled to make it a worthy purchase .
Last edited by pat; 05/21/2024 02:31 PM.
Respectfully,
pat
"Always keep your words soft and sweet, just in case you have to eat them."
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Re: Sale of Mullet Bay comes up
[Re: Carol_Hill]
#319984
05/21/2024 03:38 PM
05/21/2024 03:38 PM
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Joined: Mar 2004
Posts: 4,320 Vancouver, WA
Todd
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I remember when Dawn Beach Resort was purchased and they put the Marriott there and everybody complained. Similar to that piece of land, if you end up spending as much as they needed to in order to purchase the land you will have to build something that generates the revenue at todays scale vs what it once did. Mullet will likely need a lot more rooms to fill to cover the nut.
Next is what will happen to the present beach bars, guessing the same fate as Ms B's.
After this many years, tough to imagine much change in that area.
I prefer the Isle seat
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Re: Sale of Mullet Bay comes up
[Re: pat]
#319985
05/21/2024 04:15 PM
05/21/2024 04:15 PM
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Joined: Sep 2000
Posts: 4,714 Newtown, CT
kim
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We know of a very wealthy US developer who looked and liked it but he felt there was waaaay too much graft and corruption attached to it and too many pockets that needed to be filled to make it a worthy purchase . That was probably one of my favorite moments asking those questions at a dumb golf meet and greet 😂😂😂😂
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Re: Sale of Mullet Bay comes up
[Re: Carol_Hill]
#320004
05/21/2024 08:48 PM
05/21/2024 08:48 PM
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Joined: Feb 2011
Posts: 228 Virginia Beach, VA USA
barryvabeach
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Carol, back to your original question, I read that article, as well as the rest cited above, and https://www.icij.org/investigations/cyprus-confidential/curacao-pension-fund-offshore-ansary/. While you may already know this, from those articles, i see that Ennia is primarily an insurance company and when the Curacao Central Bank decided that Ennia did not have enough assets to pay its debts, such as insurance claims and pensions, they took over Ennia and are trying to collect as much assets as they can to meet those claims. Eventually, my guess is the Curacao government willl likely have to cover the deficit as a political measure. As part of that process to collect assets, the Central Bank trying to get a judgment against Ansary and related companies. In basic terms, Ennia would take in premium payments and then make investments to generate monies to pay insurance claims and pensions, and if it had money left over , it would distribute profits to its shareholders. One investment was the purchase of Mullet Bay. The Sept 2023 court opinion dealt, in part, with a claim by Ennia that Ansary, while in control of Ennia, distributed moneys to shareholders ( another company owned by him ) claiming Ennia was doing very well, but Ennia claims that was a lie, and they want Ansary to pay back dividends that were paid to shareholders from 2009 through 2015. There are also claims that he diverted other monies to a variety of shell companies, and for other things that were not proper investments. While a lower court did find he had diverted over 1 billion Naf, on appeal, the court reduced the judgment, The only Mullet Bay issue in the Sept 2023 appeal was whether, in 2009 through 2015, Mullet Bay was worth as much as Ansary claimed on the books of Ennia. If not, it is likely the court could find that if they substituted the real value of Mullet Bay at those times, that Ennia would not have been able to declare a dividend to Ansary's companies , and thus the Central Bank may obtain a judgment against Ansary and his companies for some or all of those dividends. That part was not decided by the appeals court and instead that was sent back to be determined by the lower court. I didn't see any mention of this in the articles, but if in fact Ansary was overvaluing Mullet Bay on the books from 2009 through 2015, that is precisely why he would not have wanted Ennia to sell it or develop it, because that would show the true value. In the end, since Mullet Bay is owned by Ennia, which is controlled by the Central Bank of Curacao, and Ennia apparently has lots of underfunded obligations, including pensions owed to residents of Curacao, at some point I would think the Central Bank would sell Mullet Bay. The Central Bank's primary obligation is to generate funds so the pensioners won't see their pensions cut, and yes, that means they would sell to the highest bidder. The article I cited suggests that Ennia is short approx $650,000,000 and that while the Netherlands offered to loan that to the Central Bank, the Central Bank said no because it is already struggling to pay back its Covid loans. While they may recoup some of that loss from Ansary, as the Central Bank pointed out in the article you listed, their mandate is to protect the policy holders of Ennia -so they if they have a strong offer from a developer, they don't have the right to take a much lesser offer from someone who is going to do a more sympathetic development of Mullet Bay.
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Re: Sale of Mullet Bay comes up
[Re: sxmmimi]
#320031
05/22/2024 11:49 AM
05/22/2024 11:49 AM
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Joined: Aug 2000
Posts: 82,985 Central Florida!
Carol_Hill
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mim--No, there were timeshares at the Towers. Pat here owned one.
Carol Hill
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Re: Sale of Mullet Bay comes up
[Re: sxmmimi]
#320046
05/22/2024 04:08 PM
05/22/2024 04:08 PM
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Joined: Apr 2001
Posts: 14,654 Brookfield, CT.
pat
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Mullet Bay was not a timeshare. All units were individually owned and were rented out thru a management company - Sun Resorts, Marriott, there were several over the years Mullet Bay Resort - the original property that opened in the 70s was definitely NOT. a timeshare. They were Units sold to people but they were erected on property retained by the developer which is where some of their problems began. The Towers at AMullet Bay, Which ultimately became just one building as opposed to the three oriunally proposed were definitely Timeshares. We had four weeks there which we used and loved for about 30 years of our fifty year love affair with SXM. Oh.... the wonderful memories!!
Respectfully,
pat
"Always keep your words soft and sweet, just in case you have to eat them."
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Re: Sale of Mullet Bay comes up
[Re: dawnbeachette]
#320064
05/22/2024 09:16 PM
05/22/2024 09:16 PM
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Joined: Mar 2004
Posts: 4,320 Vancouver, WA
Todd
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Vancouver, WA
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Yes, Ms B's was when they developed behind where her place was. Ms B probably had more of a case to stay than Scavengers, noting that the Dawn Beach destruction was before my SXM time but always assumed that Scavengers came post hurricane.
I prefer the Isle seat
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