No takers for Hevron Heights

UPDATE;

DESPITE hosting a crowded lot at Peter Soon’s auction mart on Seventh Street in Barataria, the controversial Hevron Heights townhouse development failed to attract any bidders among 24 potential buyers yesterday.

Newsday understands the incomplete development had a reserve price of $19.5 million, but none of the bidders made an offer. Sources said several potential bidders were interested, but the reserve price was a deterrent. Sources added that developers David and Leonora Deslauriers may either put the property up for private sale or make another attempt at auctioning it
.

Auction house staff were unable to say when this might be done, as the siblings may seek additional advice from their attorneys. Newsday understands that the Deslauriers’ Victoria Square, Port of Spain property consisting of two lots of land and a two-storey building, is to go up for auction on May 17.

Hevron Heights, which consists of 1,4801 hectares at Mendes Heights in Champs Fleurs, was put up for auction by investment company Guardian Asset Management (GAM), earlier this year, to recoup a $40 million debt owed to them by the Deslauriers.

Last month, Justice Ricky Rahim ruled against an application by the siblings for an extension to sell the Victoria Square property, saying their arguments did not amount to sufficient reason to deprive GAM of restitution.

ORIGINAL STORY:

In what is being described as a first for property auctions, the controversial Hevron Heights townhouse development remained untouched as twenty-four potential buyers gathered at Peter Soon's auction mart on Seventh Street, Barataria this morning

Newsday understands the incomplete development was set at the reserve price of $19.5 million, however none of the bidders offered a price above or below this figure. According to sources, there was some interest in the property among several potential bidders, however there was reluctance over the price.

Sources also revealed that the next course of action for the developers, David and Leonora Deslauriers may be to put the property up for a private treaty sale of place it up auction again.