Cay Clubs Resort
Belt Law Firm, P.C. currently represents numerous individuals
who purchased condominiums in Las Vegas, Nevada and Orlando,
Florida from Cay Clubs International. These individuals were not
paid any, or only paid a portion, of the leaseback money owed to
them by Cay Clubs. Cay Clubs owns and/or operates a number of
large, luxury condominium complexes in the U.S., including
resorts in Clearwater, Florida, and the Florida Keys. During the
recent condominium market boom, Cay Clubs International
purchased numerous properties, including condominium properties
in Las Vegas and Orlando. These include the purchase of 14
hotels, with more than 2,800 units and 900 boat slips in 2005
and 2006 alone. In many instances, Cay Clubs will purchase a
complex and plan to renovate the condos or plan to build
amenities around the complex such as restaurants and shopping
malls to increase the value of the condos. Cay Clubs sells these
condominiums with the offer that they will “lease” the property
back from the purchaser for a period of two-years. These lease
payments, if paid, would typically amount to approximately 15%
of the purchase price. These “leaseback” payments were to be
made soon after closing and were too provide the condominium
purchaser with the ability to make the required mortgage
payments while Cay Clubs was making the designated improvements
to the condominium.
Most of our clients were induced to purchase these condominiums
because of the “leaseback” offer. Most of the condominiums were
purchased for $350,000 to $600,000. Despite many of the closings
took place 6-8 months ago, most of our clients have not been
paid any of their leaseback money. Because our clients intended
to use their leaseback money to pay the mortgage on the
condominiums until the renovations or amenities were completed,
many have now been forced to refinance their homes, cash in
annuities, and endure other financial hardships to make their
monthly payments on these condominiums.
Recent newspaper articles about Cay Clubs financial woes and the
“leaseback” payments it owes, reveals that 140 Cay Clubs
condominium owners are owed leaseback payments in the amount of
$10.5 million.
If you purchased a condominium from Cay Clubs and are owed leaseback money, or have some other complaint about a Cay Clubs condominium, and would be willing to discuss your experience with us, please call us toll free at 1-888-933-1514 or email us at info@beltlawfirm.com.
