First family buys big stake in Boquete’s future
A project on this particular property has been rumored for several years and I reported on a group who claimed to have bought it and were looking to sub develop back in February 2007. According to this article, the father of the wife of the president is planning a large residential development for the property. He is quoted in the piece stating; “I'm very proud of the estate,” he said, explaining that the partnership would sell all but two of the lots within the 900-hectare property. “We’ll make a huge real estate development that will be launched by year's end.” The master plan of the project includes several luxury residence complexes, a 10-hectare shopping mall, hotels, and an international university specializing in environmental studies.
I would think a 10 hectare shopping mall is a bit ambitious for this small area, but who knows, maybe there is a market I am not aware of. I do like the idea of the international environmental university. The property is very beautiful and this project may be a great addition to the many projects in the area if it is environmentally conscience and done well.
First family buys big stake in Boquete’s future
| Carlos Lemos/LA PRENSA |
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| big sale: Tony Fergo, father of Panamanian First Lady Vivian Fernández de Torrijos, claims the funds to purchase and develop a $5 million property in Boquete are his and those of his business partners. 1065701 |
Boquete’s cool mountain air and virgin nature is no longer what draws the crowds to the small, fog-cloaked town at the base of Volcán Baru. It’s the real estate. And the chance to rub elbows with the rich and famous snatching up property in the once sleepy hideaway in the Chiriquí highlands. Popular as a retirement location for North Americans, the real estate boom that hit the area a few years ago hasn’t showed signs of letting up. With all the fanfare, it’s no surprise that Panama’s ruling class are cashing in.
Boquete’s last high-profile sale involved a 900-hectare estate that had been in Juan Rodríguez Jiménez’s family for generations. The property, known as “Las Huacas,” boasts rivers, creeks and lush rolling hills, and lies just 10 minutes from the village of Alto Boquete. It’s sticker price: $5 million.
Who bought it? Antonio Fernández, the advertising entrepreneur and father of Panamanian first lady Vivian Fernández de Torrijos, who goes by the name Tony Fergo. Public records show that Fergo received a $3.5 million loan from the Global Bank Corporation on December 28, 2006, a sum on which he opted to make monthly payments of $50,000. The remaining $1.5 million Fergo paid for in cash.
According to the Registro Público, the sale was purchased under the name of Desarrollo de Boquete, S.A., a company owned by Fergo, his wife Hilda, his son Marco Fernández and son-in-law Enrique Bello Rohrmoser. Fergo’s ostensible plan is to develop a exclusive community there for elite clientele.
Since June 2007, however, Fergo has been paying regularly on the Global Bank loan and re-leasing portions of the mortgaged property. First, Fergo leased 175 hectares and then another 65, with the plots being registered under companies in which Fergo or his family members are shareholders.
One of those companies, Hatoasis, S.A., named first lady Vivian Fernández as director and treasurer until as late as April 10, 2007. And to expedite the real estate deal, Fergo recruited three partners who don’t figure as corporate owners of the property. Among those are former ministro de la Presidencia Ubaldino Real, businessman Félix Maduro and lawyer Alejandro Watson.
Fergo himself confirmed the partnership in an interview with La Prensa. “I'm very proud of the estate,” he said, explaining that the partnership would sell all but two of the lots within the 900-hectare property. “We’ll make a huge real estate development that will be launched by year's end.”
The master plan of the project includes several luxury residence complexes, a 10-hectare shopping mall, hotels, and an international university specializing in environmental studies.
While building has not yet begun, Fergo’s company Desarrollo de Boquete, S.A. last May presented the Autoridad Nacional del Ambiente with a proposal to cut a road through the property. The proposed two-kilometer road will cost $13 million.
Fergo defended the legitimacy of the financial support for the project. “All the money is mine and the partners who came after," he said.
