MRI Overseas Property review: lies and untrust worthy 103

Can anyone give me any info on Silver Mountains. email. johnhull@fsmail.net Thanks.

Hi Izzy,

Thank you for all you are doing. I cannot seem to find how to contact you on the eyeonworldwide.com group. I would also like to join the action group. How can I do that?

Regards

Douglas Cartwright

Hi Douglas
If you join the EOW site, go into Forum. This will bring up a drop down menu. Go into discussions.
You can do a search for Palazzo. This will bring up about 4 options for
Palazzo Bulgaria.
The one I am on is Palazzo Hotel Complex.
You can either post on the site, or send me a private message.
Just be aware that MRI apparently police the site, so their name is not allowed to be mentioned.
Regards.
Izzy

I visited the development in March and it was a shambles, even though MRI told us it was almost finished. We have paid for a furniture pack as we were 'not going to be able to let our apartment' if we didn't. Now they are demanding the rest of the money and trying to take us to court to keep the £20++ thousand we have paid. we said we would pay for our apartment if they could send us a couple of photos documenting the progress. What have we heard? Nothing but more threats from MRI.
Get in contact if you want douglasparry@yahoo.co.u

We have the same problem on Silver Mountain. We were being asked to complete in March as it was almost finished but we went out there to find a muddy shambles of a building site Now MRI are trying to sue us for the rest of the money using Gugushev and Partners in Sophia even though the property is nowhere near finished and probably never will be.

Check your contract to see what it says about late completion.
It should also state what your position is if you don't complete.
MRI probably need the money off buyers to finish projects, but I don't think there is any way they can force you to complete if the development is not finished.

Anyone got latest news on Silver Mountains and which sections are complete, ie section 1, 2, 3. Thanks

we had a terrible experience on an inspection trip to italy - after reading all the comments we fully sympathise and thank god for our lucky escape. We arrived in Italy already out of pocket to MRI - the cost of the flight kept going up according to them and they would ring and ask for a few pounds more every other day - we were so stupid and paid this to them without asking any questions. Our plan was to buy a holiday home for the family with a view to retirement plans - we explained all this MRI and told them of our budget -waste of breath and time - on arrival we were put into a hotel in the middle of no-where - everywhere had shut down for the season ( we went end of oct) alongside seven other couples on inspection trips - what followed could only be described as a nightmare from hell.
WOn't bore you with all the details, but at one point a rep had to be physically restrained when a couple said they would not be buying as they had not seen anything they liked - he accused them of " bloody holiday seekers, wasting his time" I myself, was at the time unknown to me, very ill with the early stages of meningitis - and no matter how many times I told the rep I was ill he inisited on dragging us round for twelve hours a day to see properties - I was admitted to ICU on my return home - to get him of our backs we signed a deal but were able to stop any money changing hands - we rutrned to the hotel on the last night to discover they had locked us out - place in darkness, just packed up with a signh "CLosed for winter, open in spring" the rep said it was not a surprise - he managed to talk to them to let us sleep there for the night without any food or heat or hot water - add that to my already worsening condition - we could not even get a drink of water as the water had been shut off - as we were leaving early the next morning we put up with it but the other couples had a few more days so they paid for a hire car and went off in search of somewhere else to stay. Never ever again - avoid these people at all costs

I bought an apartment in Aspen Golf for 109, 000 euros with the promise that a mortgage is a formality. I could not get a mortgage and when I asked MRI for assistance they just carried on with their high pressure sales process. This forced me to find the outstanding 52000 euros within a 14 day deadline that I was given or I would lose all the money that had already been paid. The infamous furniture package has never turned up which cost 7045 euros. I also foolishly joined the aftersales club (1283 euros) with the promise that the included rental scheme would guarantee rental income. Who would rent a place without furniture? Anyway, I was then informed that this rental scheme had been superceded by another one. This would then cost another 1015 euros. This whole process has been a nightmare and can you get hold of MRI? I am now in the process of trying to sell the apartment due to the financial struggle this has placed on me. What seemed to be a good investment has turned into a real problem and the worst thing is that MRI don't care. At least when I go to sleep at night I can take comfort in the fact that with the money I have wasted, Mr McAnthony can have his Ferrari serviced on me.

Hi NML
I am in touch with many people who have had problems similar to yours. We are trying to get something done about what has happened to people.
If you want to contact me, feel free to do so.

In June 2008 I attended a sales exhibition organised by MRI Overseas Property promoting their property developments in Silver Mountain Ski resort near Bansko, Bulgaria. I regrettably agreed to purchase a one bedroom apartment as well as the infamous furniture package after the salesman assured me of the fantastic investment opportunity being offered to me. Being close to retirement age I was unsure about such a commitment but he promised that if I paid 50% of the asking price MRI would provide me with a mortgage through their recommended (independent) broker in Bulgaria, CFP, to pay for the remaining balance, which would be paid off in just 2 or 3 years through rentals, etc. To cut short, after keeping my side of the agreement and paying 40000Euros to MRI I received a call in February 2009 saying that CFP cannot provide me with a mortgage due to the world recession and that I had better find finance elsewhere or risk losing everything. The so called independent lawyer provided also stated that I better find legal representation or else...Months of worry have gone by when Out of the blue I was invited to attend a meeting today with a Director to try and come to some sort of settlement. Instead the aggressive Director threatened to sue me in court if I don’t pay the outstanding balance which I just don’t have. I am desperate and would love to help stop these people from ruining hard working people’s lives. Help!

Hi Fellow Investors!

I have invested in Bulgaria also but haven't completed. I am trying to contact as many people as possible in the Aspen Developments (particularly Aspen Heights) and especially those based in NI or ROI. In last few days I have managed to speak in person to eight or nine other investors, with a view to arranging some sort of meeting, possibly contacting local media to reach more.

Have spoke to a solicitor in Bulgaria who feels there is strength in numbers, and that we may be able to force MRI to finish development. Also suggested the possibility of negotiating with banks but not sure about this. Anyway, I have been sending personal message galore and hope that people will respond. If you would like to hear more send me a message through this site and I will discuss further.

DON'T LET THESE PEOPLE AWAY WITH IT!

I know its hard to trust who you are speaking to on the internet and there are so many groups out there. We need all these to consolidate and exchange and help within each development. It's our money that is at risk after all.

So if you are based in Ireland North or South, have invested in the Aspen developments and are not happy with your lot, give me a call on my mobile [protected].

Lets see if we can do anything about this to rescue our hard earned cash.

Would be great if someone in England, Scotland, Wales was prepared to do the same. And then we could feed into one another.

My wife & i purchased off plan in Turkey (Lakeview Tuzla) in 2007 it is meant to be ready Nov 09 MRI were great up until we paid the deposit then they dropped us like a hot potato, MRI are refusing to reply to e-mails regarding updates to our purchase, We were asked to go to a meeting in Glasgow but we could not make it due to holiday commitments, Artev the developer has offered us an inspection visit to pick another development in the area.Has anybody else had problems regarding Lakeview you can contact me at vincentanderson@sky.com

From what I've heard about MRI and Turkey you only hope is to stick with Artev and hopefully agree something worthwhile, Artev have a website and have updated photos on their developments.Best of luck.

Hello all,

What I am wondering is this (for all of us). We have plenty of opinions and experiences but what hard investigative evidence is there on the net that we can all refer to (and MRI cannot take down)?

For example, I have an email from a estate agent who sells in Bulgaria and says there is no way I could have got a mortgage for the square foot price I bought on. That is an opinion from an expert that counts.

So what have we got? Actual links, new articles etc would be welcome for all of us.

Cheers

Doug

Although of no help to any of you I would just like to say thank you for this page and your warnings.

MRI are currently advertising for Sales Professionals on the islands of Cape Verde and a little research has led me to yourselves.

Again thank you for your comments and warnings - obviously I will not be taking what appeared an extremely generous offer any further.

I wish you all well in your endeavors to recoup your losses but I must say that it is beyond me that, in this day and age no-one, nor government department are able to afford you protection and redress let alone compensation for heartache, worry and stress incurred.

My very best wishes and kind regards - Mike

Hi,
I bought in Portugal in Albufeira also at the Palmeiras de Santa Eulalia Resort and I like others who bought there have been left stranded with little or no information forthcoming from the developer Crismonte, the solicitor graciously provided by MRI ( I know get an independent one) MRI or CFP, the latter two having now done a runner out of Spain and Portugal last year apparently leaving many disgruntled and out of pocket investors in their wake . I believe they have now turned their attentions onto unsuspecting possible clients in Cape Verde, Turkey and Bulgaria hence the reason for some of the above comments. You will find nobody ever has any answers at MRI promising to get back to you but never do, the staff constantly change there is no consistency in any of the positions except the top dogs who are unreachable . Staff will tell you anything to induce you to carry on especially to pay deposits etc . You have more chance of getting an answer by turning up at Peterborough Football club where the chairman of MRI Darryl McAnthony holds court at home matches on a Saturday.I would never consider buy through them again being conned by their PR machine on that occasion and would advise anybody else likewise. Nudge

I sent a letter to Lord Triesman yesterday. He is Chairman of the FA and has said that he wants all people in football to be 'above board'.
I have also been contacted by a firm of Commercial Litigation solicitors. I have e mailed them to ask how they feel they can help people.
Also, for anyone who is not already aware, our MP is working very hard on our behalf and has arranged an urgent meeting with a very prominent government body/department who were already interested in what has been happening.
If anyone wants to send me a statement to pass on to our MP, feel free.

The commercial litigation solicitors have got back to me and said that they would look at people's cases. They contacted me after seeing information on the forums.
If enough people are interested and the firm think we have a genuine case, they may be able to get funding to take it to court. As a lot of people have lost money, this firm realise that people probably wouldn't be able to fund their own cases.
Let me know what you think.

My friend also bought property in Bulgaria but all has went belly up..He has been advised by some guy Dave in the Aspen refund group to terminate his contract using Pavola and Dramov law firm, lawyer named Iva stanilova.As this invovles more money I was wondering has anyone else had any dealing with either of the above...I have searched the web and can find no information to reassure my friend that those mentioned are legitimate.

Please forward any information to weezawyatt@ntlworld.com

Thank you
Weeza

Hi Weeza and anyone else who needs help - contact www.mri-sg.org.
This is a support group for anyone who has problems. You will be asked to prove that you are genuine, as sometimes unwanted snoopers get on this site.

Hi

We had a lucky escape when we visited Bulgaria on an inspection trip with the view to purchase a holiday home in Sunny Beach. We were placed in a hotel in Borgas about 40 mins from Sunny Beach, we were ripped off for our flights. The sale rep 'Maria' was a complete fruit cake, after 4 hours of showing us properties (all incompelte) she drove us to a remote spot and locked us in her car, telling us we were time wasters and looking for a free holiday all becasue we would not sign there and then! We were on the trip for three days we were told that we would be shown a variety of properties and on day three if we like something we could then make our decission. My partner understandbly got very angry and asked her to return us to the hotel she refused and insisted on showing us further properties. That evening we rang our contact in the UK and complained and asked to terminate the trip we were not able and had to endure a further 2 days of the mad Maria. On return to the UK, we compnaied had no response and never was reiburssed for our inspection trip. No shock there ! Luckily we did not invest .

Hi . . .I purchased in Bansko, and am very unhappy with MRI, I am with PAVLOVA AND DRAMOV, in Sofia, trying to get my money refunded. As anyone else dealt with this company. Would be interested to speak to anyone else in a similar position . . .Phil

Hi Princess
You did have a lucky escape.
Have you put a complaint into the City of London Police about what happened to you. Whilst they won't do anything about your case in isolation, many people are writing to them. What you have to say could add weight to the complaints there have already been.

Hi Phil
If you can prove that you are a genuine buyer and have had problems with MRI, there is a support group on a website.
This is www.mri-sg.org.
Checks have to be made that people are genuine, due to people going on the site who shouldn't.

Anybody any latest info on MRI - we have a development in Aspen Heights Apparently still not ready) - 50% paid now we are being hassled for the final 50% But the place is not ready.

Also CFP pulled the plug on our mortgage so we are struggling to fund. we have come across a way of possibly completing - fractional buying - not decided yet but does anyone know anything about this and about a company called Vista Capital.

If so please reply

Hi
All I can advise is that you don't pay for your apartment until it is ready.
Surely they can't force you to do this and your lawyers should be protecting your interests in this matter.

Hi, MRI have gone complete radio silence on me since I saw them earlier in the year. They've still got over 25K of my money including money for the infamous furniture pack (which btw I am not allowed to even give to someone else in Bulgaria). Feel free to reply to the group or to me.

I've been writing to them, but nothing.

Douglas

Sorry, what I meant to say was is anyone making ANY progress with them regarding Silver Mountain, Bulgaria. Anything at all?

Does anyone know anything about Vista Capital and fractional buying - this is an option we are seriously considering but due to being shafted by MRI we trust no-one and are very cynical - just another smooth sales pitch
any help appreciated would be appreciated

Hi Doug
Try writing or e mailing Darragh MacAnthony himself. His e mail address is just his name, then the same address as all other contacts.
Also try writing to him at Peterborough United Football Club.
The address is on their website.

Has anyone been out to the Aspen developments recently - are they finished ? Specificaly Aspen Heights I have been told that the plce is boarded up.

If anyone knows I would appreciate feedback

Wow. Me and my parents have been scammed too. In 2006 we went to spain with MRI to look at property in Almiramar Spain. We were told that the development was almost sold out and that we needed to put our deposit in right away in order to secure the price. We were also promised that they would allow us to sell the units after we had the units in contract and paid the deposit. So long story short we put our deposit in of 100, 000 euros. Then we immediately ask to put the unit back on the market for what they promised buyers were buying the units for. Then MRI came back and said that we had to wait 6 months before we could actually sell our contracts. (This was never disclosed until after we wired our deposit for the units) By the time 6 months ended the market had changed completely and there were no more buyers. The story gets worse from here. We then were forced to purchase the units when the units were completed. We were also told when we put the deposit money down that if we were not able to sell them that we were for sure going to be able finance the properties and rent them out. By the time the units were completed the property had fallen to half the price we secured with our deposit. Now in order to finance the properties that we paid a 100, 000 euro deposit on we needed to come up with another 150, 000 euros otherwise we could not get a loan because the value dropped by so much. We have begged for our money back and ask for help many times from the local attorney's that are handling the development. They are now wanting us to come up with more money or they are going to take legal action to me and my parents for not fulfilling the contract..

Has anyone had any luck with a class action against MRI? THANKS FOR THE HELP

Does anyone have any info re Platinum Beach development Bodrum Peninsular, Turkey? We have received completion pictures mid 2009, but cannot get the deeds because we are european! British actually. We are 18 months down the line and still no access to rent out "our" property.
We also have a property development in Cabro Negro Morocco and have visited in mid 2009 and found people working like beavers, but we have read all the comments re lots of properties and would like to be in contact with others of these developments.
please contact me on
howardbroadley@hotmail.com

This is for the attention of anyone who has had problems.
Our MP contacted the Serious Fraud Office because of the information I sent regarding what has happened to us.
We were recently interviewed by the SFO and they have been looking into our case and reviewing all the evidence we have given them.
Our MP has also been in contact with Arlene McCarthy who is an MEP and she has sent us a letter from Commissioner Meglena Kuneva, who is a member of the European Commission.
It might be helpful if everyone who feels they have a grievance contacted these people, and organsiations particularly the SFO.
I will be posting more details on the mri-sg.org website and hope to distribute this information to all members of this site and also to members of the Bulgaria Property Action site.

Does anyone actually know how to find out if Silver Mountain complex has been completed? And which phases?

Thanks

Doug

Well it seems like we are all in the same boat. OUr problem is that we bought in Sunny Beach on the Black Sea. Building is completed and furniture installed. However, as Americans now we can't find any company to issue us an insurance policy on the property. I've emailed MRI and received no replies from them. They never told us the problems we would have in Bulgaria as Americans. We couldn't get a mortgage so we had to pay cash. We feel totally ripped off by this company. I think a major lawsuit is in order. Just don't know how to get started with this. What good is rental property if you can't rent it? It's been finished now for 2 years and we have yet to rent it because it can't be insured. This is an absolute nightmare.

Linda

Hi Linda
If you want to contact me via this site, I will tell you what I am doing in an effort to get the mess we are in sorted out.
Also, I have an address of an organisation based in Florida to whom you can complain.
Where did you buy?

Hello, you can contact at bresserslaw office, maybe they could help you. regards.

NEWSPAPER ARTICLE RE MRI

Holiday homes firm MRI leaves a TV trail of miseryBy Andrew Leach and Tony Hetherington
Last updated at 9:50 PM on 10th April 2010
Comments (3) Add to My Stories A second home in the sun is a dream for many people, but the headache of dealing with foreign builders, lawyers and financiers can seem just too daunting. So when MacAnthony Realty International (MRI) - a company marketing holiday homes in Spain, Bulgaria, Turkey and Italy - offered to smooth the way by recommending developers, lawyers and mortgage lenders, hundreds of Britons eagerly signed up.

But many of them have been left thousands of pounds out of pocket. MRI, an Irish-registered company founded by entrepreneur and Peterborough United Football Club chairman Darragh MacAnthony, is facing angry investors and investigations by regulators here and overseas.

And in another blow to its reputation the firm has been accused by an MP in the House of Commons of outright fraud.
Going down: Relegated Peterborough United once played in MRI-branded shirts
Sammy Wilson, the Democratic Unionist Party MP for East Antrim, tabled an Early Day Motion in the House of Commons in February. The motion stated: 'This House notes with concern the number of UK citizens who have been victims of property fraud perpetuated by MRI Ireland; and calls on the Government to make representations to the Spanish, Turkish and Irish governments to take steps to ensure that these companies cannot continue to defraud members of the public.'

More...ARE WE BEING SERVED? Save us from this holiday hell
Read Tony Hetherington's case files (thisismoney.co.uk)
Best holiday money tips and deals (thisismoney.co.uk)

Wilson, like many who have complained about MRI, received a letter from MRI's lawyers, the famously combative firm of Carter Ruck.

Some recipients of the letters who have tried to launch online forums about their troubles have been warned about potential libels.

Wilson said: 'I was approached by several constituents who had dealings with MRI and had lost thousands of pounds and since the motion I have received many more letters from people who have had problems.

'I believe the company does use legal letters and I have received a letter from Carter Ruck.'

MRI has not always been so media-shy and has even used its own Overseas-Property TV Channel to sell the holiday homes. The programmes were hosted by MacAnthony's photogenic younger sister Wendy.

The Serious Fraud Office has looked at MRI after complaints from people who say they have paid for properties that have never been built or handed over, but it has said the issues do not fall into the category of sufficiently serious or complex alleged fraud for it to become involved.

However, the SFO has told complainants that it does believe the matter deserves further investigation and has passed evidence on to the Office of Fair Trading, which in turn has contacted regulators in Spain and Ireland and is considering doing the same with the Bulgarian authorities.

One Financial Mail reader paid a deposit of £57, 000 through MRI on a property to be built in Marbella, on Spain's Costa del Sol, but she later found the developer had built on land without planning consent. Mortgage lenders would not touch the properties because of corruption allegations against the developer and she has been unable to complete the deal.

She paid 5, 000 euros (£4, 400) in legal fees to try to recover her deposit from the developer, but says the judge handling the case was himself convicted of corruption and the case is frozen.

In a statement regarding this one case, Dominic Pickering, chief executive of MRI, expressed sympathy with the reader, who wished to remain anonymous, but blamed the Spanish legal system.

He said MRI checked the developer's licences and they were OK, but were later revoked unexpectedly.

MacAnthony, 34, was born in Dublin, but moved to Spain with his family when he was 15 and set up MRI in Marbella in 2000 selling holiday homes mainly to British and Irish customers.

In 2008, as a result of complaints against MRI, the National Federation of Property Professionals held a tribunal that was 'appalled to hear of the company's misleading business practices' and issued fines totalling £5, 000.

Although the decision could have been appealed against, MacAnthony resigned from the federation, where membership is individual rather than corporate, with MRI claiming it was deprived of a fair hearing.

MRI did not reply to Financial Mail's attempts to contact the firm regarding the wider issues.

Although MacAnthony is no longer chairman of MRI, he does chair Peterborough United, which he bought in 2006 to become the youngest chairman in the Football League.

Peterborough, known as 'The Posh', have just been relegated from the Championship. Many former MRI clients have seen their hoped-for investments go in the same direction.

Read more: http://www.dailymail.co.uk/money/article-1264996/Holiday-homes-firm-MRI-leaves-TV-trail-misery.html#ixzz0ktsPpDVg