British TV presenters lose millions via an Algarve property investment

 British TV Presenters LOSE MILLIONS VIA AN ALGARVE PROPERTY INVESTMENTFamous TV presenters Ant McPartlin, Dec Donnelly and Phillip Schofield have lost millions via an Algarve property investment that went horribly wrong.

Ant and Dec paid €3 million each to purchase property in the Algarve’s The Keys development, a real estate project from Birchview which went bankrupt during the last financial crisis, leaving a trail of debts behind it worth €307 million owed to Portugal’s public-owned bank Caixa Geral de Depósitos. The Keys development has now been bought by a Brazilian group for €95.4 million.
The investment in the Algarve’s The Keys went sour for the three UK TV stars who paid around €7.3 million, each buying a house in the development from Birchview which went under without even competing the planning permission process for the project.

Anthony David McPartlin and Declan Joseph Donnelly – better known as Ant and Dec – Britain’s Got Talent presenters, are two of the Birchview creditors who are claiming €5.6 million because of the purchase promissory contracts that they signed, to which has been added around €1.5 million in interest and compensation.
They had paid for two houses, one with a covered pool and another underground, as well as a cinema, bar and other luxury amenities. See an aerial video of the The Keys development HERE.

Another British TV household name, Phillip Schofield had his fingers burnt to the tune of €1.6 million which he had paid for his house in The Keys. Now he is claiming a further €169,000 in interest and €500,000 in compensation.

Another 15 investors also lost millions when they signed ‘on plan’ promissory contracts to buy luxury properties at The Keys, but are unlikely to see a red cent back from their failed investments.

Read the full details online HERE.

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