Legends bandroom could be sold by year's-end

THE property which once housed popular mas band Legends could be sold by year’s-end as one- time business partners Ian McKenzie and Michael “Big Mike” Antoine have agreed to each pay half of the required stamp duties, penalties and legal fees to have the lease registered.

Both men will be required to pay just over $120,000 each and have said they will do so by June 29.

After the required payment is made, it is expected that the registration of the deed of lease can be done by the first week in July, after which the property will sold by private sale.

Attorneys for both men have asked that the private sale take place within 120 days after the deed is registered. If the property fails to sell within the 120 days, it will be sold by public auction at a minimum price of $2.5 million, and if this fails then by public auction without an upset price.

This was the agreement relayed to Justice Frank Seepersad who, earlier this month, ordered that the property be sold at the minimum price of $2.5 million, giving both men will be given an opportunity to sell the property privately, or in default by public auction.

The agreement of the terms under which the sale will take place brought to an end, the 14-year-old property dispute between the former friends, who parted ways in 2004.

As part of their agreement, the two are to agree on a real estate agent to sell the property. It was not revealed in court who this is.

Previously, both parties said they were prepared to pay their portion of the stamp duty required to get the lease, so they can sell the property.

McKenzie wanted the former Legends bandroom sold and to be given half the proceeds. He said in his lawsuit that he and Antoine were partners and acquired the lease, the unexpired residue of which was valued at $2.5 million. He also claimed entitlement to whatever earnings the property would have made in rent.

However, in his ruling on occupational rent, the judge said McKenzie was not entitled to it, as he failed to establish this properly in his lawsuit. He also lost on his claim for an account of the rent and profits Antoine would have received from April 2004.

After their split, McKenzie and his wife Nina carried on the mas-making business under the name Genesis, while Antoine continued under the Legacy banner. McKenzie is represented by attorney Farid Scoon. Simon de La Bastide represents Antoine.