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Royal Palm Luxury Residence, another real estate fraud in Mérida

- July 8, 2023

Through the development company Imaginación Lógica SA de CV, they sell residential lots in the town of Sinanché, Yucatán, for which they demand a payment of 100,000 pesos to set apart the property, which they never return… and neither are the owners of the land.

ANTONIO CARRERA

The boom in the real estate market in Mérida, Yucatán, has caused an increase in real estate fraud, such is the case of the Royal Palm Luxury Residence, located in the town of Sinanché, Yucatán, offering supposed beachfront lots ranging from $8,000,000 to $12,000,000 pesos.

According to a public complaint, the visible head of this new fraud is Justo Andrés Medina Escobedo, who is the administrator and majority shareholder of the company called Imaginación Lógica S.A. de C.V., which is the developer company and the one that offers through the website https://royalpalm.com.mx/ start the commercialization of lots within the Royal Palm Luxury Residence real estate project, located in the town of Sinanché, Yucatán.

The company Imaginación Lógica SA de CV, was incorporated on September 14, 2016, being the original partners Rommel Enrique Treviño Arzapalo, an actor and director who owns 31% of shares; Justo Andrés Medina Escobedo, with 31%; Guillermo Portillo Castellanos, with 30%; Alejandro Pulido Cayón and Gabriela García Cuca, with 4% each.

On October 20, 2017, Gabriela García Cuca renounced her shares, which were acquired at that time by Justo Andrés Medina Escobedo, who thus became the majority shareholder of the company Imaginación Lógica SA de CV.

To begin with, the main corporate purpose of the company at the time it was established as the creation, sale, administration and leasing of all types of businesses, including but not limited to, businesses such as: virtual and/or internet software, virtual businesses, internet portals, web pages, virtual applications, web pages with digital and personal services; and obtain and grant for any title, patents, trademarks, trade names, options and preferences, copyrights and concessions related to its subject matter.

In none of its 56 social objects, which range from the operation of all kinds of schools, production and presentation of plays, purchase of spaces on television, provision of broadcasting services and even private security, does the development of housing or the land marketing.

It also advertises itself as a film, television and entertainment production company. National and international financial business.

THEY DO NOT OWN THE LAND

According to the complaint, the modus operandi is to offer or sell residential lots under the dynamics of a promise to buy and sell, in terms of one to two years, requesting the modest sum or down payment of $100,000 pesos, which is the guarantee to block or set aside the alleged lots for sale.

The resources are deposited in Banorte account No. 1158863581, Interbank Clabe 072910011588635813, which is in the name of Imaginación Lógica SA de CV.

Deed 028, before Notary Public No. 12, Alberto Luciano Fuentes Tzec, dated January 13, 2022 presumably protects the ownership of 50% of the land marked as planking 2,616, in the town of Yobaín, Yucatán.

The complainants also present deed 1,725 of Notary Public 31, Carlos Fernando Estrada Alpuche, dated December 21, 2021, with which they presumably protect the ownership of the other 50% of the land marked as planking 2,616.

However, when reviewing the information related to the cadastral tabling of which Justo Andrés Medina Escobedo, and his company Imaginación Lógica SA de CV, claims to be the owner, it is clear that the only thing that exists regarding the alleged ownership of the property, is a first preventive notice of sale dated November 22, 2021, which to date has not concluded, which shows that neither Justo Andrés Medina Escobedo, nor his company Imaginación Lógica SA de CV have the power to sell the aforementioned property because they are not the legitimate owners of it.

The preventive notice of sale document indicates Héctor Hernán Magaña Rivero as the seller and Imaginación Lógica SA de CV as the buyer.

The complainants point out that they tried to speak with Mr. Justo Andrés Medina Escobedo, so that he could explain the situation of the property that he offers to sell, the latter stops answering calls and messages, evading all responsibility, sending Javier López Rodríguez, who is one of his operators, so that they consider the promise to buy and sell canceled and promise to return the payments they receive, which never happens.

A NEW TYPE OF REAL ESTATE FRAUD

Specialists in real estate issues consider that the increase in the demand for housing in Yucatan has caused the growth of the so-called “investment lots”, which are offered as the possibility of investing in real estate but which can also constitute fraud for clients.

In the last decade, a very peculiar business has emerged in the Yucatan real estate market: the sale of lots in Breña -promoted as investment lots- that is, lots that are not only distant from the city but devoid of all services, and therefore, the offer that is made of high and fast capital gains is not always true.

“Potential clients must be guided to investigate better, so that they do not take the bait just by opening an Internet page or seeing a very nice render, since it is just that, a digital design and nothing more,” they point out.

Although there is no contract model to analyze in depth, it is known that now the contracts establish consolidation terms for the developments ranging from 10 to 15 years. This means that these lots do not represent a real option for immediate settlement and many times, potential clients are unable to recover the investment made, which is disguised as a down payment or set aside, which causes the repeated sale of lots.

All of the above is taking place due to the existence of a gap in the legal framework, which some people and companies are taking advantage of.

Finally, they point out that the uncontrolled sale of these lots made the price of land in Mérida more expensive. “In general, all the land, specifically in the metropolitan area of Mérida, has become significantly more expensive, the popular classes no longer have access to it”, but one of the most serious things that due to this phenomenon, orderly expansion is being prevented from the city.

Source: Periodico Quintana Roo

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