Do you remember Jason Grosfeld and his real estate frauds in Los Cabos? Well, it turns out that that is just the tip of the iceberg of the rosary of crimes that the ex-BlackRock has been committing since, in 2014, Irongate acquired the Cabo Riviera development, now known as Costa Palmas. Just as you read it!
I tell you that, between 2006 and 2008, a group of investors led by Mariano Mariscal, Gary Jacobs and Octand Fund, bought more than 3.2 km of beach on the Sea of Cortez, to build the Cabo Riviera tourist complex. It was through the government program Procede, through which lands of the La Ribera ejido were privatized and an investment of one billion dollars was announced, funded by the Laredo National Bank, whose eternal director was, coincidentally, Gary Jacobs.
For strange reasons, Cabo Riviera did not prosper, and in May 2014, Jason Grosfeld’s Irongate acquired it at 53 percent below its real value. Once the transaction was closed, he promised to pay them in a year, but that did not happen.
Thus, it went from being Cabo Riviera to Costa Palmas, and trusting in the protection of state judges, Irongate’s subsidiaries or affiliates began operations, receiving a host of lawsuits, both from suppliers and from land ownership, since Jason Grosfeld did not pay the previous owners.
They have received lawsuits from breach of preliminary trust contracts for transfer of ownership, for several million dollars, as well as lawsuits and complaints of facts for not delivering works on time – such as that of Amit Raizada – and for offering land that is not their property – as was the case of Steve Anderson -, and also lawsuits in the county of California, in the US, and that thanks to the protection of the BCS judges they have managed to maintain control of the damages, as if nothing happened.
As well as from the control judge José Guadalupe Luna Durán, who excused himself from hearing the Amit Raizada case – after having denied a search warrant twice – acknowledging a friendship of more than 15 years with one of the Irongate lawyers, having discussed the case with him and giving him advice.
And from Judge José Humberto Zavala Calderón, who on October 8, 2024 denied representatives of Desarrolladora la Rivera access to the investigation file of Amit Raizada, but magically on November 7, 2024 decided to change his mind and ordered the MP to give them access. Strange, isn’t it?
This judge was presented with an administrative complaint for his improper actions in another matter related to Costa Palmas and its contractors Alessio and Pietro Dottor.
Strong double
Well, there is also an old lawsuit that began in 2009 and that hits the heart of the Costa Palmas marina. Whoops!
Let me tell you. The Hermosillo Sánchez Navarro family, together with the heir of Colonel Walters, owns the Hotel Rancho Buena Vista, founded in 1962, an icon of BCS. As hotel pioneers, they bought land located in the small property part of the Ribera ejido so that their workers, most of whom came from the ejido, would have a place of recreation for themselves and their families.
The land in question was located in front of the mangroves that the developers destroyed (for which they had several complaints), and now, due to the area reclaimed from the sea, a product of the sand silting generated by the cyclones, the land is located in the heart of the marina.
These are the property of the Buena Vista Country Club company, but they were no longer used for their initial purposes and became part of their land inventory for future projects.
Thus, in 2008, when Cabo Riviera was started, the Buena Vista Country Club sought out Mariano Mariscal to inform him that their development was invading land that they owned and that they were willing to be paid reasonable compensation. After analyzing the documentation, the Mariscals told them to file their claim and not to worry, because they had insurance that would pay the compensation.
However, the supposed insurance company never appeared and until now that claim has not ended, putting the viability of Costa Palmas at risk, bringing the fraudulent practices to light.
Note that the insurance company Stewart Title Guaranty de México, a subsidiary of Stewart Title Guaranty de México in Houston, Texas, which is the only one authorized by the Mexican financial authorities to operate in that branch, has no assets in the country, only has sales offices and is the one that issues the majority of real estate property insurance policies on the peninsula, although in practice it only serves as paraphernalia.
Which is a time bomb, because a scandal related to the legal security of the land will inhibit important investments in the area and will sow doubt in the future.
The lawsuit suggested by Mariano Mariscal was initiated by Héctor Fernando Hermosillo Sánchez Navarro, son of Héctor Hermosillo Rivera, on December 7, 2009, and after a thousand chicanery carried out between Jason, Irongate and the Collegiate Court of BCS, they obtained a new injunction to avoid having to return their land to the Sánchez Navarros on March 14, 2019.
Immediately after, Jason announced an investment of 800 million dollars, which supposedly would generate five thousand direct jobs and 10 thousand indirect jobs, and organized a tremendous event to begin the construction of the Four Seasons within its development.
However, on August 12, 2022, the Hermosillo Sánchez Navarros exercised the action to nullify the title due to the sale of another’s property under file 222/2022.
Drum roll
In this file, the registration of the claim in the Public Registry of the Costa Palmas property title was ordered, bail has already been granted, but Jason Grosfeld’s lawyers, through chicanery, have managed to postpone the registration; in Spanish, if the land is registered in the name of the Hermosillo Sánchez Navarro, as legally required, they will be the owners of the heart of the Costa Palmas marina. Whoops!
Until when will Jason Grosfeld and his companies be stopped?
The state attorney general has diligently integrated the investigation files against Grosfeld, his companies and his employees. However, these are not carried out by corrupt judges. Hopefully the president of the court, Claudia Jeanette Cota, will put a stop to them.
Since Jason Grosfeld’s actions should not only concern the authorities of BCS, Sectur and President Sheinbaum herself; and here comes Fitur.
Source: elfinanciero
