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Thread: Torre Atiemar

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    Default Torre Atiemar

    Jueza vende torre Atiemar por 34.7 millones de dólares - Listín Diario Digital

    As I understand, many people bought apartments in that building, so those apartments are their private property now, not the property of that person arrested in Spain for drug traffic. So how could Dominican authorities confiscate the whole building?? What happened to titles of apartment owners?

    Seriously, that sounds crazy. You can buy an apartment in new building (inaugurated by the President, by the way) and later they say that it's confiscated because the developer company's owner is a suspected drug dealer? [email protected]!

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    Oops, I wanted to open this thread in Legal section.

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    Doesn't matter, I've owned property in Spain for 17 years and the government can come and stick a highway through my property and if I am lucky I get bottom end property rates for my land.
    I owned 35 acres of land in Andalucia (1995), they wanted to make a new highway which my land infringed. They offered me 25% of what I paid for it, if I didn't accept it I would have nothing, just done it anyway, you have to learn to negotiate rather than barter in these situations..
    As I was one of the founders of the area for new generation as far as Ex pats go, I had a good relation with the mayor, I had bought most of the land there (Tabernas, Almeria) and sold most of it on, they bought my land (ok, I lost on that) but they gave me part of the national district (65 in return, priced then at 500% profit to my cost, just sold some (cost me next to ntohing to claim the land before I sold it), I'm happy) also to keep others from making a song and dance about it. Everyone got money back, or got a new house on the bill of the Government or me, which they will never see from the government, all my people got a house and land or the monetary value of the land there claim stands on, and are very happy (I wouldn't be but do research before buying property is all I can say. The governments people on that side of the line are the governments problem, I'm dealing with it but it is not my responsability. Cost me nothing, made me a few pennies that I am now putting into a new venture. Wish me luck!!

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    Interesting story, but what about the case of Torre Atiemar? As a property owner here in DR, I am curious to know what are the possible reasons for confiscation? The court didn't say that the company owner is a drug dealer, he is just one suspect. Anyways, those apartments are sold before this case, so WTF is going on? May be tomorrow they start confiscating apartments from people passed a red light?

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    Quote Originally Posted by Anastacio View Post
    Doesn't matter, I've owned property in Spain for 17 years and the government can come and stick a highway through my property and if I am lucky I get bottom end property rates for my land.
    I owned 35 acres of land in Andalucia (1995), they wanted to make a new highway which my land infringed. They offered me 25% of what I paid for it, if I didn't accept it I would have nothing, just done it anyway, you have to learn to negotiate rather than barter in these situations..
    As I was one of the founders of the area for new generation as far as Ex pats go, I had a good relation with the mayor, I had bought most of the land there (Tabernas, Almeria) and sold most of it on, they bought my land (ok, I lost on that) but they gave me part of the national district (65 in return, priced then at 500% profit to my cost, just sold some (cost me next to ntohing to claim the land before I sold it), I'm happy) also to keep others from making a song and dance about it. Everyone got money back, or got a new house on the bill of the Government or me, which they will never see from the government, all my people got a house and land or the monetary value of the land there claim stands on, and are very happy (I wouldn't be but do research before buying property is all I can say. The governments people on that side of the line are the governments problem, I'm dealing with it but it is not my responsability. Cost me nothing, made me a few pennies that I am now putting into a new venture. Wish me luck!!
    Same thing can happen here in the U.S., as in most places in the world. It's called possession by eminent domain. Gov't can take privately held property to be used for public works, (highways, etc etc., (compensated at "market value", not what you think it might be worth). This practice dates WAY back in history, where ALL land was owned by the state... or more to the point, the KING, and the population was only granted the right to occupy the land and live there.

    The really ugly side of it today, is that now some VERY desirable land has been taken for projects that are actually privately developed, (like shopping malls, etc.), and are not state owned or operated. This has been under the argument that even though these projects are private or corporate owned, their existence still benefits the public good... but if you ask me, it benefits the developers a hell of a lot more!!! There was a famous case of this in a resort area a couple of years ago that was in the news for a while.

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    Guys, the Torre Atiemar case is not about those things that you are talking about. Click on the link in my first message, if you don't know the story.

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    As to the Torre Atiemar, The court awarded the building to Banco Reserva because the original owner owed them $600 million pesos of a loan. The bank is only legally holding the property to sell the apartment in order to recover the money loaned.

    The Apartment owners will be thoroughly checked to make sure they are honest to god buyers. This is only to check and see that the purchaser could actualy purchase these apartments, and not some sort of front to launder drug money.

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    Quote Originally Posted by Taino808 View Post
    As to the Torre Atiemar, The court awarded the building to Banco Reserva because the original owner owed them $600 million pesos of a loan. The bank is only legally holding the property to sell the apartment in order to recover the money loaned.

    The Apartment owners will be thoroughly checked to make sure they are honest to god buyers. This is only to check and see that the purchaser could actualy purchase these apartments, and not some sort of front to launder drug money.
    It is going to be tough for the bank to sell them. Did they not start at over a million US.

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    Quote Originally Posted by Hernandez View Post
    Oops, I wanted to open this thread in Legal section.
    Done.....

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    Quote Originally Posted by John Boyter View Post
    It is going to be tough for the bank to sell them. Did they not start at over a million US.
    Yup some at one million dollars, and others as high up as 1.5 million. Tough sell under the current economic conditions.

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