Cap Cana missed an interest payment on OCT 31st, 2011 of about $4.8 million and “based on its currently projected cash flows, it will not be able to resume interest payments on the 2016 notes for the foreseeable future,” the company said in a statement today.......
High profife lawsuit against Cap Cana from Spain!!
......Cap Cana spamming Google to suppress bad press......
Update 5 - SEPT 27, 2011 Cap Cana close to failure? Complaints from owners in Cap Cana state that the biggest problem is that Cap Cana can't afford to pay their part of the monthly fees for all the empty shops and apartments to the condo association!
Update 3, March 23, 2011 - Punta Cana, Dominican Republic.- Intelligence agencies follow the paper trail of the Russian Mafia’s investments in the country’s eastern tourism region and in other areas, to locate and subsequently confiscate them, diariolibre.com.do reports.
It reports that the presence of Russian capos is a fact especially in the East region where underworld scandals have already occurred, including that of two brothers, one of whom was executed gangland style together with his wife in the “Kremlin” style house in Bayahibe, and which is still unsolved.
“The Russian Mafia’s tentacles have arrived in this zone, where some actions linked to drug trafficking and also murders have yet to be clarified, the news source report says.
Current Russian investments include show business figures in Los Corales i Punta Cana and in nearby Cap Cana, which has participated with a delegation of the country in the "Russian–Spanish Safari," hosted by the Tourism Ministry, considered among the top the real estate events in St. Petersburg and Barcelona
In the interest of international consumer protection Dominican Watchdog has sent 2 mails to Cap Cana sales with questions related to TRUMP Farallon Estate and Altabello Fishing Lodge. There are serious questionable consumer issues related to these two projects and a new blog has been set up to post updates as local media has not been critical towards the Cap Cana development for years. Follow our new consumer protection blog CapCanaNews
Other Cap Cana articles:
Former Dominican tourism minister and ex Cap Cana Executive in house arrest for mega fraud against foreign real estate investors
Very interesting reading: Failed TRUMP projects
News Update April 2, 2010
Here is the questions sent to Cap Cana in regards to TRUMP Farallon Estate and Altabello Fishing Lodge.
Dominican Watchdog have the following questions based on earlier press release from Cap Cana and the Trump organization of "the ever biggest sale of USD 350 Million in one day" and "We are going to invest $2Billion"
1. When did Donald Trump last visit Trump Farallon Estates?
2. How many villas and golf courses have been completed up there now 3 years later?
3. How many original buyers of the special Farallon deal has defaulted(how many lots still for sale)?
4. Any news about the special Trump condo hotel designed by WATG one year ago?
5. Can it be considered a safe investment for new buyers to take over existing Farallon contracts?
6. Is Cap Cana up to date with Royalty payments to Trump for using his name?
7. Is it likely that we could see another Trump Baja California Mexico situation at Cap Cana?
8. Has Trump come forward with any developers or funds for to his Farallon project?
9. What was the cut to Donald of the 350M (what does the contract of Feb 16th 2007 state)?
10. Does Ricardo Hazoury today feel that buyers was mislead by TRUMP or did they have all necessary
information to pay USD 350M when next door land cost a fraction of that....?
A few days after we emailed our questions to Cap Cana sales, a very interesting status report about TRUMP Farallon Estate was posted on DR1.com by a visitor to the project. Read it here and you will figure out most of the answers to questions. You should also see this eyewithness video on YouTube. Nothing happens in Cap Cana unless they spend money on events to attract visitors.
Dominican Watchdog has also sent the following questions to Cap Cana sales in regards to Altabello Fishing Lodge, because it has for a long time been a well kept secret that something is very wrong at Altabello Fishing Lodge(See the ruins of Altabello in this YouTube video):
1.How is the current situation with the unfinished skeleton standing abandoned since the opening of the Cap Cana Marina?
Dominican Watchdog has not reveived any answer from Cap Cana to our questions, but we have received emails from worried investors in Altabello.
Update 4, July 27, 2011
Cap Cana has proclaimed opening of Altabello later this year, however many of the promissed activities and adventures are not done. Cap Cana sold the Altabello project with a promise that Buddha Bar would be part of Altabello in the original plan, but what is finally opening is a scaled down version!
Dominican Watchdog has contacted Craig Karmin at the Wall Street Journal as he has a general interest in TRUMP projects and recently wrote an article about the problems of TRUMP SoHo in New York.
The days of "What happens in Cap Cana, stays in Cap Cana" is over! Stay tuned and follow our new blog which has been set up to inform the public in the interest of international consumer protection: Cap Cana News
Cap Cana keeps announcing projects of hundreds of millions of dollars, but little is actually happening out there. Maybe it would be a good idea to finish some of the projects before news ones are announced. Also some of the 3 Jack Nicklaus golf course are still missing and Donald never got started on his!
Cap Cana is probably the most boring destination in the Caribbean today(Watch this YouTube video) and can easily end up as the biggest ever real estate flop unless prices are ajusted to the real market value very soon. All the buyers in Cap Cana stand to lose hundreds of million of dollars and many are probably walking away from their payment obligations like so many other places in the world.
That will create cash flow problems for Cap Cana and the project will return to the problems of 2005/2006 before Bernstein sold the USD 100M bonds to get Cap Cana back on "life support". These bonds too are hurting Cap Cana. So all in all the development is a big gamble and not a safe investment today. Now when the TRUMP hype is gone and the dust has settled you might take a better look at other developments around the Dominican Republic which has been fully developed and have people living there full time.
Read also: Hazoury brothers behind Cap Cana forced to close their news paper Clave Digital despite building new HQ and buying expensive printing machines from Germany.
Don't lose your money, time and life in Dominican Republic!
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