150k for a 1/3 acre adjacent to two neighbors, hardly a tropical paradise. Water Island is low scrub and cactus up on the hills. Land not even near the ocean. That illustration in the article is fantasy. I used to hike it when I was 10 years old in the early 1970s, it was exciting then. Lots of retired spooks and relocated witness protection people because the Feds were leasing it for awhile. It's got a cool old WWI concrete pillbox fort on the South side.
The key points are the family quickly sold a third of the land to their lobbyists for the price they paid for the full plot, recovering their investment fully and still keeping land, and their other odd dealings with the lobbyists
I'll bet the lobbyists bought the 1/3 acre sight unseen. The lobbyist was (my opinion) fleeced. I guess I break with a great many here who see this as actionable and shady. Just business in paradise, we see it all the time because so many pieces of land in the VI are burdened with complications. Then
Later, the lobbyist gave Biden’s brother a mortgage loan on the remaining parcels.
So Biden's brother burned through the $150k and again needed quick cash. The lobbyist provided it and now holds a mortgage loan on the 2 remaining adjacent parcels. If that loan defaults he will get the full acre he needs to make the property viable. I find this so hilarious. 1/3 acre is like a 120ftx120ft square, people! To the rich this is like a friggin' nightmare. You're going to spend half a mil digging a cistern and building a big hurricane proof house on a 120x120 plot and in the end you're farting into your neighbor's kitchen window. What a deal! When all is said and done that lobbyist might have a full acre of crappy land for $300k maybe, before building anything.
only 150k for that bit of land in the Caribbean? sounds pretty buttfucking cheap for prime real estate
150k for a 1/3 acre adjacent to two neighbors, hardly a tropical paradise. Water Island is low scrub and cactus up on the hills. Land not even near the ocean. That illustration in the article is fantasy. I used to hike it when I was 10 years old in the early 1970s, it was exciting then. Lots of retired spooks and relocated witness protection people because the Feds were leasing it for awhile. It's got a cool old WWI concrete pillbox fort on the South side.
The key points are the family quickly sold a third of the land to their lobbyists for the price they paid for the full plot, recovering their investment fully and still keeping land, and their other odd dealings with the lobbyists
I'll bet the lobbyists bought the 1/3 acre sight unseen. The lobbyist was (my opinion) fleeced. I guess I break with a great many here who see this as actionable and shady. Just business in paradise, we see it all the time because so many pieces of land in the VI are burdened with complications. Then
So Biden's brother burned through the $150k and again needed quick cash. The lobbyist provided it and now holds a mortgage loan on the 2 remaining adjacent parcels. If that loan defaults he will get the full acre he needs to make the property viable. I find this so hilarious. 1/3 acre is like a 120ftx120ft square, people! To the rich this is like a friggin' nightmare. You're going to spend half a mil digging a cistern and building a big hurricane proof house on a 120x120 plot and in the end you're farting into your neighbor's kitchen window. What a deal! When all is said and done that lobbyist might have a full acre of crappy land for $300k maybe, before building anything.
Not so close any more I'll bet. Fleeced. Baaaaah!
Horrible things must have taken place there. That, and they tend to sell properties to each other for less than they're worth.