TWO Irish investors
who bought apartments
in Bulgaria have had
their money refunded
following questions
from the Sunday
Independent, after a
protracted dispute
with property agents,
Platinum Developments.
Dubliner Raymond
Keaney and his fellow
investor bought
apartments in Central
Plaza, Sunny Beach,
Bulgaria, straight off
the plans last year.
After paying €23,000
as a down payment on
the €46,000
properties, Mr Keaney
visited the project in
July this year. He was
surprised to find both
properties, although
awaiting closing, were
rented out.
Mr Keaney had become
uneasy after his
lawyer advised him not
to close the deal
until he received
appropriate
documentation. An
issue had arisen
between him and
Platinum over the
management contract.
After finding the
apartments rented out,
he wrote to Platinum's
managing director,
Neil O'Reilly. Mr
O'Reilly's Bulgarian
lawyer responded that
Mr Keaney's claim that
the apartment was
rented to a third
party was "completely
unsubstantiated". But
he went on to say that
"neither the law nor
the contract prevents
the seller from doing
that, and I see
neither legal nor
commonsense reason for
not letting it out
while you have not
taken possession."
In the process of
recouping his money,
Mr Keaney claimed it
was difficult to make
contact with any
senior staff at
Platinum when he was
trying to sort out the
legal issues. Platinum
boss Neil O'Reilly
told the Sunday
Independent that he
"wanted to take full
responsibility for the
fact that the
apartment was rented
on the client's trip
to Bulgaria". "This
was our first summer
since beginning
operations in Bulgaria
and in closing over
600 units across four
developments, we
accept that there may
be some management
issues."
Platinum Developments,
whose marketing
manager is rugby
pundit Brent Pope,
featured prominently
last week in RTE's In
Search of the Pope's
Children. Irish
property buyers were
filmed flocking to
Bulgaria. One seasoned
developer observed
that he feared for the
Irish because there
would be no Bulgarian
buyers who could
afford the properties
in the event of
resale.
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