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Lifestyles Ventures Cayman resort went bust in Costa Rica. US judge rules contract breached, investors waiting for payment

Wednesday, September 21, 2011

A posh resort planned in Costa Rica before the real estate bust has left local investors in the lurch.

US Superior Court Judge Jeff Almquist has ruled that a real estate partnership in Santa Cruz, California breached a contract with local investors who loaned money in 2007 to develop a five-star, 697-acre complex with up to 150 villas.

The offering for Lifestyle Ventures Cayman laid out plans for a $3 million first phase for acquisition of property and initial development and a second phase of $18 million to acquire additional property, develop and market it, and pay off the first-phase investors.

Original source: Santa Cruz Sentinel