The Sunset Building
SIMPSON BAY–The Princess Group of Companies, under which Princess Port de Plaisance Resort and Casino in St. Maarten falls, won the bid and successfully purchased the Sunset Building in Simpson Bay at a public auction held at Holland House Beach Hotel in Philipsburg on Wednesday morning.
The property was auctioned off because former owners Paradise Real Estate (PRE) N.V., United St. Maarten Party (US Party) Member of Parliament (MP) Frans George Richardson and Anthony Alexander Carty had failed to pay $1,317,647 in debts to Scotiabank. The property has a market value of US $3.2 million and an auction value of $2,240,000.
The Princess Group, represented by Hakan Unal, was the only bidder at the auction of the building and the Sunset Building was purchased for the auction price of $2,240,000 plus fees which amounted to approximately $132,000. The auction was conducted by F. Tjon Ajong Notary.
Unal, who is the Managing Director of the Princess Port de Plaisance Company, which is part of the Princess Group, told The Daily Herald after the auction that the company owns the property adjacent to the Sunset Building and as a result the purchase was of more value to the company.
“It wasn’t directly the building [that we were interested in – Ed.], but because the property is adjacent to our property its value was different for us. For a third party, it is a stand-alone property. For us we just made our property bigger,” Unal explained.
When asked about the plans for the building, he said it was too early to say. He said the company had not yet seen the interior of the Sunset Building, but once these observations have been made after the legal matters have been ironed out, then the company would see what can be done.
PRE, Richardson and Carty recently lost the summary proceedings filed in the Court of First Instance against Bank of Nova Scotia in their efforts to stop the public auction of the Sunset Building. In its ruling of Friday, October 18, the Court rejected their claim, which meant that the former cinema, which currently houses a wine bar and lounge, a club and various other entertainment venues, could be sold at the public auction.
Source: The Daily Herald https://www.thedailyherald.sx/islands/92118-princess-group-of-companies-buys-sunset-building-at-auction
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