- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Saban $20 mill in hole due to bad real estate investments w LSU and Bama alums
Posted on 12/11/13 at 8:16 am to AscensionTiger
Posted on 12/11/13 at 8:16 am to AscensionTiger
quote:
quote: Every person who was involved with the Perkins Rowe project lost their arse
They did but unlike other investors Saban had a large stake in the steam and electricity plant that powers the development. He is still making money on that.
0
Posted on 12/11/13 at 8:19 am to Stonewall Tiger
quote:
Why would that be, almost every space has been and is leased. Was there a couple of weeks ago and saw 1 empty space where a Lucky store used to be.
Dude...above the stores. Also Bally's allegedly hasn't been paying all of their rent and there are a multitude of lawsuits over nonpayment, lease issues (the theatre) etc.
Ask most people who built it, they got screwed over.
Posted on 12/11/13 at 8:20 am to Stonewall Tiger
Maybe recently but for awhile there were a lot of empty plots. I don't think the condos/apartments above have been very successful either
ETA: So how about the Cotton Bowl Camp Randall?
ETA: So how about the Cotton Bowl Camp Randall?
This post was edited on 12/11/13 at 8:24 am
Posted on 12/11/13 at 8:23 am to Stonewall Tiger
Perkins Rowe had over $170 million in construction loans taken out on it and was appraised at $95 million last time I checked. It was sold for $69.3 million in a foreclosure auction.
Clearly this was a bad investment whether its occupied or not.
Clearly this was a bad investment whether its occupied or not.
Posted on 12/11/13 at 8:25 am to elprez00
quote:
bad investments
like that fake punt out of his own end zone in the national championship game against Texas.
Posted on 12/11/13 at 8:26 am to Creamer
Isn't Spinosa the one developing Rouzan near Southdowns?
Posted on 12/11/13 at 8:26 am to Tiger Ryno
Ouch that is a lot of money, dang!
Posted on 12/11/13 at 8:30 am to GeorgeReymond
From what i understand he has Rouzan divided up amongst his kids and other entities.
Posted on 12/11/13 at 8:33 am to Stonewall Tiger
They have done a good job of camouflaging empty store fronts that have never been opened. Also, at least half of the residential units have not been completed.
The new owners will be in a better position going forward to see the project to completion.
The new owners will be in a better position going forward to see the project to completion.
Posted on 12/11/13 at 8:36 am to Jesus Prejean
Will Tommy Spinosa be able to run for Mayor of BR if this goes down?
Dude's been seen as a pariah by many for several years, but is all forgiven if it turns out he's the reason Saban ultimately chooses to bolt here?
Dude's been seen as a pariah by many for several years, but is all forgiven if it turns out he's the reason Saban ultimately chooses to bolt here?
Posted on 12/11/13 at 8:45 am to Stonewall Tiger
quote:
Why would that be, almost every space has been and is leased. Was there a couple of weeks ago and saw 1 empty space where a Lucky store used to be.
It's more than the store fronts. They also built a lot of apartments/condos that have sat vacant, which is a net drain.
Also, Spinosa's story is that mismanagement on the construction side caused greatly increased costs over their projections.
Terry Saban also purchased a tract of land over there. There has been nothing done with the land to earn any money. Maybe years down the line, but I don't know what kinds of liens could be involved.
Posted on 12/11/13 at 8:45 am to Jesus Prejean
This is actually true.
Posted on 12/11/13 at 8:49 am to Blakely Bimbo
quote:
IF the boosters are buying up his debt, then that would make Nick and Terry Saban debt slaves to these powerful indiscreet money people
Paying off =/= buying up. You are seeing what you want to see.
Posted on 12/11/13 at 8:57 am to AscensionTiger
Saban is only half owner of the Perkins Rowe chiller plant. He has retained that. Spinonsa is the only one that lost his arse there.
Posted on 12/11/13 at 9:03 am to Galactic Inquisitor
quote:
Also, Spinosa's story is that mismanagement on the construction side caused greatly increased costs over their projections.
this is 99% true. the condos sit vacant because they are poorly built.
spinosa is developing rouzan but its different money and investors. take a took in there, stuff is selling and its good quality.
Posted on 12/11/13 at 9:04 am to Geauxld Finger
I agree Rouzan will be nice
Posted on 12/11/13 at 9:08 am to Larry
quote:
For all we know Jimmy Sexton is He Gone.
That would be awesome
Posted on 12/11/13 at 9:11 am to Geauxld Finger
people don't want to live in an over priced, poorly built condo with an empty pool? That's crazy
Posted on 12/11/13 at 9:15 am to Jesus Prejean
I find this really hard to believe.
Posted on 12/11/13 at 9:17 am to BilJ
quote:
people don't want to live in an over priced, poorly built condo with an empty pool? That's crazy
as a person that was heavily involved in this. i can't blame TS for everything that went wrong there. The construction company was poor, the contractors were poor and the ones that did their jobs well, were affected by the ones that didn't (pool contractor and waterproofing). These are the two biggest problems that development faced.
In all, I highly doubt any of the Saban's investments are in trouble. If Terry owns the land between Swaggert and Perkins Rowe, so what. That's a highly valuable piece of property as plans to connect Picardy and Perkins via the mall are still in the thought process. In no way shape or form would I offload that piece of land.
This post was edited on 12/11/13 at 9:21 am
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News