Hevron Heights goes on auction block

HEVRON Heights Towers – an incomplete, upscale townhouse development in the hills of Champs Fleurs – has been put up for auction. The development was at the centre of a court battle between the developers and investment company, Guardian Asset Management (GAM), which has put the property up for auction to recoup a $40 million debt.

In a press notice, auctioneer Peter Soon announced the public auction will take place on April 24, at his auction mart at 33 Seventh Street, Barataria. The property consists of 1,4801 hectares at Mendes Drive. In February, a high court judge dismissed an application by David and Leonara Deslauriers, who sought an extension of time for the sale of their family home at Victoria Square in Port of Spain to repay the outstanding money owed to GAM, which lent the couple money to complete the towers in 2009.

The loan, with interest, owed by the couple to GAM was over $40 million at the beginning of this year. The couple lost two appeals in the Privy Council last year, one of which challenged the local courts’ decision to allow GAM to sell their property at Victoria Square to repay the outstanding money. They suggested, instead, selling the unfinished development at Champs Fleurs, which was held on mortgage for the loan, as it was more valuable.

This contention was rejected by the Privy Council judges, who said the couple’s $77 million valuation for the unfinished development was inflated, as it did not consider that the potential buyers who made deposits on units would have to be repaid.

In his ruling, refusing the extension of time to sell the Victoria Square property, Justice Ricky Rahim said the arguments of the couple did not amount to good or sufficient reason to deprive GAM of its entitlement to sell the property. The Deslauriers surrendered the keys to the Hevron Heights property to GAM in January.

GAM, in court, said emphatically that both properties are to be put up for sale. Newsday understands that the Victoria Square property will also be auctioned off at a later date.