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Canadian`s eviction from land they bought adds to mistrust among investors and tourists
Siegfried Schiffmacher thought he had found an idyllic slice of paradise in 2006 when he purchased a large lot at Tenacatita, a spit of land in Mexico with spectacular ocean views to the front and a calm bay with clear water and a golden-sand beach to the back.
He thought he had found a sound investment, too: The 1,007-square-metre property -- once part of a communal farm known as an "ejido" -- came with a title validated by then-president Vicente Fox.
Those illusions were shattered Aug. 4, when more than 150 state police officers raided Tenacatita, acting on an eviction order won by a Guadalajara-area businessman, Andres Villalobos, who claimed title to 42 hectares of land -- including Schiffmacher`s lot -- that he purchased in 1991 from the widow of a former Jalisco state governor.
"When you buy with a title signed by the president, it feels secure," said Schiffmacher, a retired telecom entrepreneur from Surrey whose wife, Margarita, is a Mexican national. "We never thought this would happen."
Schiffmacher`s plight highlights the perils of investing in paradise and, he estimates, affects at least 15 Canadians.
Read the full article here.
Siegfried Schiffmacher thought he had found an idyllic slice of paradise in 2006 when he purchased a large lot at Tenacatita, a spit of land in Mexico with spectacular ocean views to the front and a calm bay with clear water and a golden-sand beach to the back.
He thought he had found a sound investment, too: The 1,007-square-metre property -- once part of a communal farm known as an "ejido" -- came with a title validated by then-president Vicente Fox.
Those illusions were shattered Aug. 4, when more than 150 state police officers raided Tenacatita, acting on an eviction order won by a Guadalajara-area businessman, Andres Villalobos, who claimed title to 42 hectares of land -- including Schiffmacher`s lot -- that he purchased in 1991 from the widow of a former Jalisco state governor.
"When you buy with a title signed by the president, it feels secure," said Schiffmacher, a retired telecom entrepreneur from Surrey whose wife, Margarita, is a Mexican national. "We never thought this would happen."
Schiffmacher`s plight highlights the perils of investing in paradise and, he estimates, affects at least 15 Canadians.
Read the full article here.