ST. GEORGE’S, Grenada — The owner of a Grenada beach resort says he will no longer sell his property to Formula One driver Lewis Hamilton as originally agreed.
Issa Nichols said in a statement that Time Bourke Limited, the company negotiating on Hamilton’s behalf, “failed to live up to its obligations.”
He did not provide details, and neither he nor Time Bourke Limited could not be reached for comment.
Hamilton’s group had paid US$35 million (then €25 million) for the Grenada Grand Beach Resort, according to a copy of the July 7 deed, but the deal apparently was not finalized.
The agreement had caught the attention of Grenada’s new prime minister because the previous administration had transferred the US$15 million property on which the hotel was built to the British driver. It was given “free from encumbrances” in exchange for using his image and name for the next four years, apparently to promote tourism.
Critics have alleged that taxpayers received no money for transfer of the land in Grenada, where the government owns nearly all beachfront terrain and leases it to developers for an annual fee.
Hamilton still owns the land where the hotel is located. It is unclear whether Nichols will have to lease the land from him.
Talk to us
- You can tell us about news and ask us about our journalism by emailing newstips@heraldnet.com or by calling 425-339-3428.
- If you have an opinion you wish to share for publication, send a letter to the editor to letters@heraldnet.com or by regular mail to The Daily Herald, Letters, P.O. Box 930, Everett, WA 98206.
- More contact information is here.
