So Silverpoint has closed their sales offices and Mark Cushway has apparently moved to Dubai with a new company having taken over from Silverpoint.
The company is called Aspirantco SL, CIF: B76745504 operating from just across the road from Beverly Hills Club. Now the registered director of the company is Carl Alan Jenkins, the long time number two of Mark Cushway at Silverpoint.
Inside Timeshare reported sometime ago that Silverpoint had withdrawn their membership of the RDO, stopped selling timeshare and was moving into non timeshare products. It looks like we now have some answers.
Last month we published an article on a company called Centaurus Mediations, which we believe is linked to Silverpoint, the reason, they have been contacting Silverpoint clients, even knowing that some of those clients had court cases against Silverpoint. This only proves that they are using the Silverpoint client database, which can only have been provided by Silverpoint.
The story was that Silverpoint had gone, that no one would get the money the courts had awarded, that the contracts were not null and void as the courts did not have the authority to terminate them. So the only way to cancel them was to pay Centaurus to do it for them, at a price!
So what about Aspirantco in all this, well it now turns out they are marketing freehold on apartments at Beverly Hills Club, at rather inflated prices. Nothing really wrong in this, except it is being marketed to yes, you guessed it, Silverpoint clients!
The very same clients who over the years have been duped into the never ending “investments” peddled by Resort Properties and then continued under the name Silverpoint. These “investments” were for multiple weeks which according to the sales staff would then be sold on the resale market in two years and the “investor” would make a profit. Also while they were waiting to be “sold” the “investor” would also receive an income for rental.
As we know none of this really ever happened, “sorry but what you purchased is not what people want to buy” so they were just talked into upgrading their original purchases and parting with even more money, usually through expensive Barclay Partner Finance loans. Again these sales never took place and another round of upgrading took place.
Many of these clients have either been to court and won their cases or are waiting for them to be heard.
From information being received by readers, Aspirantco is offering these new investments in freehold to those very clients, to help save the original “investments” they made with Silverpoint. Obviously the original purchase will be taken into account and the freehold price will be discounted. Is this the reason for the inflated prices?
Now the questions that should be asked with these freehold sales are:
- Is there an annual maintenance fee or what is commonly known with freehold properties on a complex “Comunidad”?
- What is going to be the cost of this “maintenance fee or comunidad”?
- As Beverly Hills Club is classified as a resort for tourist purposes, has the licence been changed so those purchasers can live there?
- If they are not able to live there full time are they going to receive a rental income when not using?
- If there is a rental income who will be managing the resort and bookings on behalf of the purchasers?
- What sort of return are they being promised?
- If they are going to be receiving an income for renting their property what is going to be the situation with regards to the freeholders tax?
- Who is going to be responsible for the “tax” on the resort income?
- By selling the properties as freehold, is this just another way for the old company to run the resort they now own without the responsibilities?
With all the legal action and court cases against Resort Properties / Silverpoint we must ask the question if this is just a move to remove a serious thorn in the side of Silverpoint. The same as Silverpoint did when they tried to convince the courts that they had “bought out” Resort Properties were a different company and were not responsible for the past mis-selling, which they then continued?
These are questions that will only be answered in time, if you have been contacted by these companies, Inside Timeshare would like to hear from you. It is from your comments and experiences that we will be able inform others of what is going on.
Have you a case waiting and been told that it will not be going anywhere? If so get in touch and tell us your story.
This is only the tip of the preverbial iceberg but we will be watching this story with great interest.
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