One of the pending court cases against the former Mayor of Torrevieja, Pedro Hernández Mateo, revolves around the fact that in the year 2000, he seized farm land in the Almoradí area, which he paid 180,000 euro for. His claim was that he intended to use the plot for exercising his dogs, amongst other personal activities.
The allegations of wrong doing came about after Pedro Hernández sold the land just 2 year later, at a price of 5.4 million euro, the accusations being that he profiteered from insider knowledge and the ability to adjust the classification of the land to allow residential building, thus increasing the value.
Now, the company who purchased the land from the Mayor, Edén del Mar, has themselves sold the plot, although they have only managed to sell the 20 hectares of land for around a fifth of what they paid for it, taking just 1.1 million euro.
There is no doubt that the value of both land and property has dropped considerably since the housing boom that saw areas like Torrevieja flourish, but the differences in this particular case are seen as a significant development, considering the legal proceedings which surround the possibility of a once highly respected figurehead of politics, who has already been found guilty in one criminal case, yet still walks free pending an appeal, may well add to the burden of the evidence presented when this matter is dealt with by the courts.
Filed under: http://www.theleader.info/article/43141/
Home Insurance | Spanish Home Insurance | Home Insurance in Spain | Spanish Property | Spain Property | Spanish Real Estate | Spain Real Estate