Investors rage as 'Joe Cole' holiday property firm goes bust

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http://www.mirror.co.uk/news/top-storie ... -21332862/

By Ryan Parry 5/05/2009
Joe Cole (pic:Getty)

England footballer Joe Cole is at the centre of a bitter property row after a luxury apartment complex he promoted was NEVER even built.

And furious investors, who ploughed more than £1million into Thailand's Hua Hin Country Club on hearing Cole was to be its first celebrity resident, are now demanding their money back.

The Chelsea ace appeared in promotional literature, on posters and Thai TV in June 2007.

He even met some of the potential investors for the project that included penthouse apartments, a pool and 18-hole golf course.

But almost two years after the project was launched, not a single brick has been laid - because the firm appears to have gone bust.

A source who worked on the project said: "At present, it's just an empty field. A lot of people have been misled." And Julie Young, 50, from Skegness, Lincs, who invested £54,000, said: "The pictures on the website show a building site with the shell of an apartment block.

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It looks like the project is well on its way - but it's a complete lie." The country club was a £6million venture of the Lersuang Group, a Thai property developer with offices in Bangkok and Phuket. To attract buyers, Lersuang reps approached Cole, who is a shrewd property investor.

They spoke with Cole's property agent Ross Taylor, who brokered a deal by which the star would promote it allegedly in return for a penthouse apartment worth £250,000.

And in an interview for the club's website, Cole, 27, told potential buyers: "I'm 100 per cent sure I've made the right decision." But for the 30 or so investors who followed Cole's advice, things have fallen apart.

German buyer Carmen Blomenthal, who paid out £10,000, said: "Joe Cole trusted this company, so I was inclined to trust them." She added: "My lawyer found out that Lersuang declared bankruptcy in August 2008. I'm doubtful I will get my money back." Mr Taylor said he believed "a Thai businessman was working on a rescue plan".

But despite leaving messages, the Mirror could not get a response from Lersuang.

Yesterday, a spokesman for Cole said: "Joe is upset to learn that people have lost out financially. He invested in good faith."

"I'm 100 per cent sure I've made the right decision."

Friday, May 8, 2009

Phuket property developer under fire in one-sided news report

PHUKET: A leading UK news tabloid, the Daily Mirror, reported earlier this week that Chelsea football star Joe Cole invested in the Hua Hin Country Club and is now demanding his money back as the project has remained an empty field for the past two years. Phuket has figured into the headline grabbing news as Cole has alleged that local Phuket development firm Lersuang is at fault, and the Mirror claims that calls to the group’s offices were not returned.

Lersuang is the developer of the stalled Turtle Cove, Tamarind Hills, Infinity Heights and Lersuang Village projects in Phuket. There has been much local speculation in the market about the completion of the existing properties, though the company has continued to operate its offices here on the island.

Press like this certainly is not a positive for the Phuket market and there have historically been few project defaults in Phuket in the past. This looks to be a developing story as the UK news has given only Joe Cole's side of the story. There needs to be a balance in the sources for the story and certainly a statement from the Phuket group would be helpful.

NOTE: The Phuket Gazette had no difficulty in reaching management at Lersuang's Phuket office for comment yesterday. The Gazette is now preparing a special report for publication early next week.

– thephuketinsider.com

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