F1’s Hamilton no longer in line to buy Grenada property

  • Associated Press
  • Friday, October 10, 2008 10:58pm
  • SportsSports

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.

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