Live in Barbados

AFTER almost a year of being stalled, work at the Four Seasons Resort and Private Residence on Paradise Beach will resume early this year.

Information reaching the Barbados Advocate has revealed that construction on the project, which ran into financing difficulty in 2009, will re-commence this year, after a deal was struck. The deal involves a refinancing plan, which was reached with lenders, creditors, private residence owners, shareholders and developers. The agreement, which was confirmed by Prime Minister David Thompson, who is also the Minister of Finance, involves Government supporting the refinancing efforts to complete the project. The arrangement in part will allow Government to gain an

equity share in the project, while guaranteeing the repayment of the loan, with strict conditions being in place.

via The Barbados Advocate.

Factual news on Barbados’s Four Seasons Development is hard to come across.

In this article, the Guardian gives us some insight”

It was planned as the most lavish millionaire’s hideaway yet on a Caribbean island already crammed with spectacular beach-front mansions.

The offer of a palatial residence in the Four Seasons complex inBarbados, overlooking white coral sands, presented a rare chance for music moguls turned reality TV stars Simon Cowell and Andrew Lloyd Webber to gain a toehold on the island’s exclusive “platinum coast”, where Tony Blair, retail tycoon Sir Philip Green and film director Michael Winner regularly holiday in a climate that is 28C (82F) and sunny almost all year round.

They are among several investors who have paid deposits on villas in the development, which cost up to $30m (£18m) each. The plans showed the best properties would come with an infinity pool on the terrace, a cinema, gym and even a wine cellar to keep the finest bottles cool in the tropical heat. A neighbouring Four Seasons hotel would provide room service and access to butlers, housekeepers, chefs, waiters, gardeners and night watchmen for an extra cost.

In today’s Mail, Barbados’s Four Seasons Resort in Black Rock got some further bad press.

Not only were the financial troubles commented on, but the Mail also quoted Michael Winner and Sir Philip Green saying the site itself was not up to par for such an exclusive development.

See here for full article.

Not sure how true this is, but apparently a writ has been filed against Robin Paterson, by Roy Paul, chief executive of Cinnamon 88… He is suing Paterson for £229,000 and accuses him of breaching a settlement agreement.

It seemed like a piece of paradise and music mogul Simon Cowell certainly thought it had the X Factor.

But now lawyers are circling the Caribbean resort of Black Rock, in Barbados, as what was once billed as a rival to the Sandy Lane Hotel complex has stalled, a victim of the global recession.

via Black Rock celebrity Caribbean resort hits the buffers | This is Money.

It’s sad to note that the Cinnamon 88 and Four Seasons Barbados websites are down…

We wish Robin and Mike all the best with their negotiations for new investment. We sincerely hope that this important project starts back soon!

The British make up at least 36% of buyers, and Richard Eames, of estate agents Savills, estimates an astonishing 95% of his clients are from the UK.

‘The market is like the South-East of England,’ he says. ‘The high end, which is for properties above £3.2m, is still active, though prices have come down by about 25-30%. That’s mainly because ours is a predominantly UK market, which has been affected by the drop in the pound against the dollar as well as the global downturn.’ Property abroad: Bet on Barbados | This is Money.