Norwegian Florida housing project sliding downhill
Through the company Legend Properties, the controversial Norwegian businessman Kjell Inge Røkke and Aker RGI are in the process of building 318 homes, a golf course, and a restaurant in the sleepy town of Vero Beach, Florida, according to the Norwegian financial daily, Dagens Næringsliv. The project is known as Grand Habor, but it is far from grand, according to the locals.
Many of the locals are far from pleased with the project, and they claim the project is going down the drain. According to the inhabitants, the sale of houses has completely stopped after Grand Habor got a bad reputation.
Since March two houses has been sold, and some places the prices has fallen with as much as USD 100,000. A couple a weeks ago the project leader on site was fired by Røkke.
For the time being is Legend Properties on the list of companies which can be sold in order to save Røkke from his debt crisis. The company is owned in its entirety by Røkke through RGI Holdings Inc.
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