Playa Macenas Beach & Golf Resort will be auctioned off this Thursday by the Ministry of Employment after the complex was seized for not paying social security. The sale was going to be earlier in the year but negotiations stalled the embargo. However the government has run out of patience and ordered the sale.
The reserve price on the auction is just €153.089, but the complex comes with €2.662.000 in debt which the purchaser must prove they can settle.
The sale comprises 270.442,85 square metres of land, which includes the 18 hole golf course and land suitable for building some 1.440 homes on, although 300 homes have already been constructed.
The golf course is currently closed after water was cut off last year. A number of the unsold homes on the failed urbanisation have been seized by SAREB, the government backed “bad bank” after banks couldn’t shift them, and were originally on sale for around €220.000 each. They are currently on sale for less than half of that; some of the homes that are still for sale via Banco Popular are discounted 60% from their original sale price.