The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A Treasure Cay resident yesterday voiced frustration at the seeming “state of limbo” involving the sale of its resort property, urging that its fate be rapidly resolved.

Eric Bethel, property owner, amenities board member with the Treasure Cay property owners group and former head of security, told Tribune Business that the ongoing uncertainty surrounding the Treasure Cay Resort’s sale to controversial Austrian investor, Dr Mirko Kovats, is costing him opportunities to lease his units as Airbnb vacation rentals.

“I’m going to get a lot more people coming into Treasure Cay if they would know for sure they are building a boutique hotel here, and if they are going to put a casino here. But if people don’t know what’s going on then a lot of people aren’t coming,” he added.

The Meister family, long-time owners of the Treasure Cay Resort and Marina, have in talks with Dr Kovats for several years, and it is understood that a sales agreement was signed. It is unclear, though, whether the deal has received the necessary government approvals and some residents are not keen on Dr Kovats as the buyer or his plans for the property.

Mr Bethel said: “I was there for a year-and-a-half, and I was head of security for Treasure Cay Ltd and Mr Meister, but even from day one when I got there they didn’t want to put any money into it. They were always only beautifying the place just to make it attractive for the potential sale.

“Mr Meister just didn’t want to put any money into it because it would have taken from his profits.... I’m actually wondering why the Government hasn’t done anything because all of those people up in Treasure Cay, the economy can’t get going until they find out what’s going on with the new owner and what’s he’s going to do.

“The Meisters aren’t going to do anything. So with all of these people up there in Treasure Cay, they are in limbo waiting for something to happen. Not to mention, there is a group of homeowners in Treasure Cay who actually countered Dr Kovats’ offer with more money for the Meisters, but they didn’t want it. So I don’t understand what’s going on.”

A group led by Craig Roberts, a property owner on Treasure Cay, had made an offer alleging that it was superior to the deal offered by Dr Kovats. Mr Bethel added: “I am a part owner of six condos with dock slips in there, so I do have a vested interest in Treasure Cay coming back.

“Treasure Cay Ltd pretty much dictates what goes on in Treasure Cay. The Meisters own the marina and they own the golf course, and they own all of the common areas. So if you have a property in Treasure Cay, you have to pay for the amenities and you have to pay the amenities board, which the Meisters also control. So the resort is tied into pretty much everything that goes on here in Treasure Cay.”