The Administrator of the Polaris World bankruptcy has now confirmed the formal transfer of the properties previously owned by Polaris World on Condado de Alhama to new owners.
This includes 72 properties on Naranjos 1 and 28 on La Isla. As a result of the transfer, the new owners are required by law to pay outstanding community fees for the previous 3 calendar years (2017-2019) plus current year (2020).
Unpaid fees up to 2016 are still owed from the administration process and in due course we may also be paid a proportion of that debt. The likely amount is unknown at the moment.
The settlement is great news for owners across the whole resort, and Naranjos 1 and La Isla in particular.
Further information will be provided as it becomes available.