Ocean Terraces by Sterling - the prime property, which sits between the Caves Heights development and Sapodilla Restaurant, and which was finally brought back to life after almost 10 years in and out of litigation - is now being sold in its entirety, and heralded as "an amazing property with great views".
Last week Guardian Business reported in error that the property might have gone dormant once again. This paper retracts the notion that the property may have been dormant, which was made in last week's article, and understands that Sterling, instead of selling each unit, has now put the entire complex on the market and is currently negotiating with two parties.
Sterling brought the property back to life after years of the development changing hands. The development was being spearheaded by Sterling Global Financial, which, according to Ocean Terraces website, "is the corporate umbrella of Sterling Bank (Bahamas) Ltd., Sterling Trust (Cayman) Ltd., and several funds, including the multiple award-winning Sterling Mortgage Income Fund, two-time winner of AI Barclay's Best Hedge Fund Since Inception Award".
While it was mentioned last week that court actions might have halted the development, Guardian Business now understands that no court order exists that would halt the sale of the property.
Court documents related to previous litigation over the property revealed that the first plaintiff, Leo International Holdings Ltd., and second plaintiff, Allure (Bahamas) Ltd., are fighting for the return of a collective $2,117,783, representing damages for trespassing, fraudulent misrepresentation, interests, costs and "such further or other relief as the honorable court deems just".
Leo claimed that it had purchased two units from North Andros Assets Limited (NAAL), which owned the property under a debenture with Cordell Funding LLLP, for just over $2 million. Allure then claimed to have spent almost $100,000 on furniture to outfit the two units.
However, when NAAL allegedly defaulted on its loan obligations to Cordell, it was claimed that NAAL entered into agreements with Leo and Allure without the knowledge of Cordell.
But after obtaining vacant possession of the property, Cordell legally sold the property to the Palm West Bay "by its power of sale as contained in the debenture".
Party to the case, Leo, has never had dealings with Sterling. Parties close to the case have called the back and forth court matter "frivolous".
In January, Ocean Terraces had finally joined the real estate listings of upscale properties on New Providence.
Ocean Terraces opened three units up to the public for an open house to launch the property at the beginning of the year.
The property sat barren and desolate as a three-story white shell for close to 10 years, but January's open house, held by Sotheby's International Realty, revealed the resplendent beauty the development was meant to become.
Stephen Tiller, president and chief operating officer of Sterling Global Financial Limited, told Guardian Business at the open house that reviving the property was a labor of love for Ocean Terraces by Sterling.
"Sitting up on that penthouse balcony is serenity and it's a real comfortable place to come home to," he said earlier this year.
"It's eight minutes to the airport and eight minutes to Baha Mar, so I think, geographically, it's got a good footprint."
Tiller said there had been a lot of interest in the property's units since the development was finally completed.
Earlier this year Sterling had already had offers for the property's units, but has since changed direction and strategy on the property and has now opted to sell the development in whole or to lease in whole.

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