A BOGUS property off-plan scheme has wiped out six millon euros of savings held by nearly a hundred Northern Irish families.
The families invested in 350 planned apartments at the Estepona Beach and Country Club.
The project was managed by British-based developer Ocean View Properties, which collected deposits in 2005-06.
The hapless investors were told the scheme was a no brainer as Disneyland was about to move from Paris to Estepona.
Plans for a park went nowhere; as did the Estepona Beach and Country Club.
Each investor put down a 60,000-100,000 euro deposit, never to see any money again.
The contracts they had to sign and return to Ocean View were never countersigned by the developer.
The families have now launched a class action against Ocean View and its Spanish partner Sun Golf Desarrollos Inmobiliarios, which was in charge of marketing.
The victim’s legal representative Antonio Flores claims the lawyers recommended by Ocean View to their clients were complicit in the fraud.
Some of the claimants had also invested in Ocean View’s off-plan projects in Dominican Republic and Morocco – neither broke any ground.
The Olive Press has previously reported on Disneyland’s purchase of land in Manilva near Estepona but the company is yet to announce its plans for the area.