(MENAFN - News784) (Barbados Nation) - A prime piece of coastal real estate in St Philip faces two efforts to sell it so funds associated with its use can be recovered.
The unusual situation involves the 70-acre property at Merricks, which was once earmarked for a luxury Harlequin resort but is now tied up in bankruptcy proceedings originating in St Vincent and the Grenadines.
Last year, Brian Glasgow of KMPG, who is bankruptcy trustee of the Estate of Harlequin Property (SVG) Limited, reported the Merricks project owed $115 million to local and foreign creditors. This figure included about $700 000 for land tax due to the Barbados Revenue Authority (BRA).
In his latest report to creditors, released about three weeks ago, Glasgow said between November 2017 and May this year a Terra Caribbean effort to sell the Merricks land was unsuccessful.
There are now plans to launch a new sale campaign between November and April.