By NEIL HARTNELL
Tribune Business Editor
nhartnell@tribunemedia.net
Sir Franklyn Wilson's Eleuthera real estate venture has filed a police complaint after "keep out" signs were placed on its properties by a rival claimant to the land.
The Arawak Homes chairman told Tribune Business that the offending notices, which were placed across Eleuthera Properties' properties at Cotton Bay, Jack's Bay and Davis Harbor, had been "demolished and carted away" to remove any uncertainty among international investors as to who owns the land.
He added that the person responsible was a police officer, who lacked any documentary title evidence to support his family's claim that they - and not Eleuthera Properties - are the true owners of the land.
Sir Franklyn said Eleuthera Properties was not the only major investor impacted by this title challenge, as similar signs were placed on the property earmarked for a $100m, Four Seasons-branded resort development financed by Colombian billionaire, Dr Luis Carlos Sarmiento.
Suggesting that Dr Sarmiento's response had been as robust as Eleuthera Properties', the Bahamian businessman said: "They did not just put it on our property; they put them on property owned by Dr Sarmiento as well.
"This chap, a policeman, says his daddy tells him he owns the land. What we have done is that we have demolished the signs. We claim ownership of the land. We carted them away, and Dr Sarmiento did the same, although I can't speak for him, and we reported the matter to the police. This is big time."
The eruption of this latest land dispute is especially ill-timed for Eleuthera Properties, coming just as it moves to kick development activities at Cotton Bay and the Jack's Bay Club into a higher gear.
This was acknowledged by Sir Franklyn, who said: "That's why we took them down. We took the signs down precisely because we didn't want it to create doubts in anyone's mind that we own the land.
"We acted, and Dr Sarmiento did likewise. As soon as it was brought to our attention we acted. Those signs didn't stay for long. Since we acted there's been no repeat, and no buyer has approached us expressing concern. We pray the matter is behind us.
"We've reported the matter to the police, and we are waiting to hear from the Commissioner of Police. We want to have confidence in the Commissioner of Police, so we want to give him a chance to do the right thing."
Eleuthera Properties has had to contend with several challenges to its land ownership in the island's south, with one set to be heard in two weeks' time by the Bahamas' highest court, the UK-based Privy Council.
The Bannerman Town, and Millars and John Millars Eleuthera Association, have taken their case all the way through the Bahamian judicial system, with the Privy Council set to hear the matter over a two-day period from July 17-18.
Sir Franklyn, meanwhile, told Tribune Business that the developer remains "very bullish" on its prospects in south Eleuthera ahead of two multi-million dollar contract signings related to expansion at Jack's Bay.
Confirming that Eleuthera Properties was in talks with the Prime Minister's Office, he issued a challenge to Bahamian contractors to "put your money where your mouth is" and start building homes at the development using the incentives it is providing.
"We are very bullish on south Eleuthera. That's the bottom line," Sir Franklyn said. "We are in discussions with the Prime Minister's Office. The Prime Minister was kind enough himself to personally meet with the leadership of our group, and he was also very kind to make reference to the fact we're very firmly, very passionately committed to this venture.
"As we speak we're about to sign a contract, two contracts, for multi-million sums in the aggregate, to build a restaurant on The Bluff at Jack's Bay and complete accommodation so that when people come for next season they'll be able to stay in five-star accommodation.
"We have been at this for 33 years, and are still pumping in eight-figure money. You don't do that unless you're serious."
Sir Franklyn said Eleuthera Properties, whose shareholders include Royal Bank of Canada (RBC), Sunshine Holdings, CFAL, BAF Financial and RoyalStar Assurance, plus the family of Sir Orville Turnquest and the estates of the late Billy Lowe and John Morley, is also "praying there will be no hurricane" so the grass can take root on the Tiger Woods-designed golf course.
He added that Michael Abbott, a former senior executive with Discovery Land Company, the developer of Abaco's Baker's Bay community, had agreed to join Eleuthera Properties as chief executive and base himself on the island.
Sir Franklyn, though, lamented the failure of Bahamian contractors to develop and build high-end homes on the company's property even though the actual land was being offered at no upfront cost.
"I can tell you a real disappointment has been that we have been trying very hard to incentivise Bahamian contractors to come forward and do something," he told Tribune Business. "We have been saying to Bahamian contractors: 'Come and build something, because if you build a home people will come'.
"We invite Bahamian contractors to come and put your money where your mouth is, believe in your country and more will follow. We are prepared to incentivise them by not having to pay upfront for the land. Only pay for the land once you sell.
"Just imagine if Baker's Bay had provided the same incentive to Bahamian contractors, and one, two or three of them had taken that up. Just imagine what their future would be today. This is another opportunity."
Erma Carey, secretary of Eleuthera Properties, told the island's Business Outlook conference earlier this year that it was mulling an initial public offering (IPO) for one of its subsidiaries amid plans to accelerate the build-out of various assets.
Tribune Business understands that the subsidiary under IPO consideration is the holding company for the Jack's Bay Club, which Eleuthera Properties is developing in partnership with world-renowned golfer, Tiger Woods, TGR Designs firm and Beacon Land Management.
Jack's Bay, which is located just south of Rock Sound, is aiming to complete amenities such as 'The Pink House', Ocean Spray restaurant, tennis and pickle ball courts, water recreational activities and two private cays by November 2018.
Eleuthera Properties is moving to further develop Davis Harbour Marina, which it owns and operates at the edge of the waterfront community. Close to half, or 11 of its 24 slips, are currently occupied, with the docks able to accommodate vessels up to 80 feet and providing amenities such as fuel, electricity, laundry facilities and retail supplies.
The developer also plans to work with the Government on maintaining Rock Sound airport's "viability", as well as improve the island's healthcare services, promote farming self-sufficiency, protect "unique attractions" and attract Eleutherans to return home through the provision of jobs.
And it is eyeing the development of additional real estate it owns at Jack's Bay for office and commercial complexes; restaurant and retail outlets; employee housing; second homes and subdivisions featuring affordable lots for sale to local residents.
Comments
Use the comment form below to begin a discussion about this content.
Sign in to comment
Or login with:
OpenID