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Platinum repays investors after Bulgarian property dispute
By Shane Ross

 
Courtesy:  The Sunday Independent
 

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.

 

Visit the Bulgarian Property Page of our Website:  Bulgaria

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