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The text of the lawsuit establishes that during the past six years, Paragon Properties of Costa Rica, a Hollywood-based company, received money from over 900 U.S. retirees, promising to build residences in various Costa Rican communities, insisting that unhappy investors would receive 100% of their money back.
Lorena Fox, a resident from Davie, believed in the dream offered by Paragon properties, as did many others. She wanted a piece of heaven, a tropical retreat home where the air is clean and warm, and the people and stressful lifestyle of southern Florida is far, far away. Four years and $115.000 later, William Gale, owner of Paragon, has nothing for her. Not even one of Paragon clients has their home built, according to the court’s documents.
The president of Paragon Properties has alleged that the 16 communities – initially conceived for the Costa Rican Pacific coastline – have been grinded to a halt due to the economic crisis and red tape obstacles when obtaining local construction permits. “We don’t have the money”, he said. “The money is gone, but we are still working for our customers”.
Source: sun-sentinel.com
More on this topic
August 2009
It is reported that up to 30% of Costa Rica's real estate offers may hide some sort of fraud.
Before considering investing or purchasing a property in Costa Rica, two key issues must be taken into consideration:
-Costa Rica's complex legal system is based in the old Napoleonic Code, and its general motto is "If there's no blood, there's no damage". Taking a civil issue to the courts costs a lot of time and money.
December 2011
A real estate company has filed a lawsuit against the developer for breach of contract.
The delicate situation faced by Newland International Properties Corp., developer of the Trump Ocean Club International Hotel & Tower complex, has been further complicated by a lawsuit filed by a customer, which adds to three other lawsuits filed by other five clients.
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