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World News

FACTBOX - Allen Stanford's assets on St. Croix

CHRISTIANSTED, U.S. Virgin Islands (Reuters) - Texas billionaire Allen Stanford, charged by U.S. securities regulators with an $8 billion (5.5 billion pounds) fraud, has purchased at least $34.7 million worth of property and leased 37 acres of land for about $805,000 per year on the Caribbean island of St. Croix.

Following is a list of some Stanford assets on St. Croix, according to public records:

* Allen Stanford purchased seven residential properties on Recovery Hill and Mount Welcome, just outside Christiansted, totalling $11.5 million.

* One of the properties, known locally as the Kaiser Estate, has three houses and a conference centre, according to Julie San Martin, a real estate broker who sold it to him. According to San Martin and other sources, the financier had plans to tear down the existing buildings and rebuild them. But the Department of Planning and Natural Resources stopped work on the site due to “environmental violations.”

* Stanford Real Estate Acquisition paid $7.7 million for a mansion at the corner of Hill Street and Queen Street in Christiansted. Stanford purchased the sprawling 18th century house, known as the Bjerget House, last year at an auction related to the bankruptcy of its former owner, Jeffrey Prosser and his company, Innovative Communication Corp.

Once owned by the Danish pianist and comedian Victor Borge, the estate is where Stanford Caribbean Investments and Stanford Financial Group Global Management are based, according to the Virgin Islands Chamber of Commerce.

* Stanford Real Estate Acquisition spent another $4 million on various other properties in areas called Recovery Welcome, Green Cay, Judith’s Fancy, and Candle Reef.

* Stanford’s Christiansted Downtown Holdings invested in $11.5 million of commercial property in downtown Christiansted, including “Kings Alley,” a cobblestoned shopping arcade, and much of Strand Street, home to restaurants, cafes and other tourist-friendly shops.

Reporting by Martinne Geller; editing by Jeffrey Benkoe

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