ANGUILLA, BRITISH VIRGIN ISLANDS-The receiver for the Temenos resort development here has approved the sale of the 277-acre property to Leandro Rizzuto for $15 million. Leandro Rizzuto, owner of the adjacent CuisinArt Resort & Spa, purchased the troubled property to renovate the site as a partner resort.
Flag Luxury Properties LLC, including investor Robert Sillerman, had planned more than 59 residential homes and a 32-unit condominium hotel on the southwest coast of the island. Sillerman reportedly invested more than $200 million in the development.
However, Temenos had been in receivership since February 2010, when developers defaulted on $180 million in loans and reportedly needed another $125 million in financing to complete the project. William Tacon with Zolfo Cooper was the receiver on the property. “This has been a very complex disposal involving many stakeholders,” Tacon said in a statement.
Only a few of the sites are complete on the property. There are also 14 acres of unallocated development land, and a golf course.
Cypress Equities Inc., a company that included JLL Americas executive and football great Roger Staubach, had a contract to purchase Temenos but did not act on the deal. Rizzuto, owner of Conair Corp., was a rival bidder for the property. He says the new resort will be called CuisinArt Resort & Spa.
CBRE Hotels and locally-based Smiths Gore represented Tacon in the sale. Jeff Woolson with CBRE said the new resort should attract demand from users, especially since it has the island’s only golf course. “The development features nearly a mile of beach frontage,” he said in the statement.
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