The Spanish Government freezes Gaddafi’s development project in Benahavis

March 4, 2011 at 3:51 pm 1 comment

Gaddafi’s assets were frozen earlier this week by most of the European countries. Spain did this two days ago. We can find within Gaddafi’s assets a real estate development in Costa del Sol. Gaddafi was building a large property there.

The Libyan Foreign Bank, Forebank, has owned since 1995  7,000 hectares of land stretching between the towns of Júzcar, Pujerra and Benahavis. 500 ha of this area is outside Benahavis. The bank wanted to build here a golf course and 1 200 homes,according to their legal representatives in Spain, as well as tourist buildings and public facilities.

The record is held by the Ministry of Public Works and Housing since last Dec. 17  to determine if the project is of a touristic  interest. It will remain on the table after the Government’s announcement that it would block financial and real estate assets in the country.

The legal team which represents the bank’s interests in Spain has stated that Forebank is a public institution and not a private entity owned by the Libyan ruler, a claim to which was sustained by the mayor of Benahavis, who said he had no evidence that the property belongs to Gaddafi family.

Details n the development project were given by the mayor of Benahavis. He indicated that it dates from 1993 and that in that year, the Libyan bank had 480 hectares classified as developable land, with the possibility of building 1,900 homes, a golf course and a hotel, but never developed the land. He said that in 1997 the Land Act forced to review the general plans of all municipalities.



Entry filed under: News, Real estate, Spain Tourism. Tags: , , , , , , , , .

Real estate news batch Foreign investors gain interest in Spanish real estate

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