Coloradoblonde
Dryer sheet wannabe
- Joined
- Feb 21, 2010
- Messages
- 21
Tell us your Worst investment ever story. Mine is:
I bought a beautiful penthouse condo with views of the ocean in a resort town in Mexico in 2005 as the complex was nearing completion. I knew the developer through another successful complex he had built in the area. I thought I had done my due diligence. Within the first 6 month, there was a gas explosion in one of the units and one of the workers died. Within the next 6 months the North building, next to mine started to crack and collapse. Turns out they built the complex over a cenote (limestone over underground rivers) without doing the proper engineering. The developer tried to blame a hurricane, insurance didn't cover anything. The north building was torn down but not all the way, lawsuits were filed, nothing was cleaned up and the place looks like a war-torn. Years spent hiring attorneys and fighting, but no settlement. Finally wrote the investments off our taxes. What a shame....so much potential and such a crooked country!
I bought a beautiful penthouse condo with views of the ocean in a resort town in Mexico in 2005 as the complex was nearing completion. I knew the developer through another successful complex he had built in the area. I thought I had done my due diligence. Within the first 6 month, there was a gas explosion in one of the units and one of the workers died. Within the next 6 months the North building, next to mine started to crack and collapse. Turns out they built the complex over a cenote (limestone over underground rivers) without doing the proper engineering. The developer tried to blame a hurricane, insurance didn't cover anything. The north building was torn down but not all the way, lawsuits were filed, nothing was cleaned up and the place looks like a war-torn. Years spent hiring attorneys and fighting, but no settlement. Finally wrote the investments off our taxes. What a shame....so much potential and such a crooked country!