BVI News

$15M Joe’s Hill investment ‘not going anywhere’ – Wheatley

Vincent Wheatley

Health and Social Development Minister Vincent Wheatley has attempted to downplay concerns arising from the government’s hefty multi-million dollar investment in the Joe’s Hill Manor Estate.

Eighth District Representative Marlon Penn questioned Minister Wheatley over whether any interest was earned on the investment and chastised the government for not coming up with alternative uses for the funds.

“What I’m hearing from the Minister is that there is no immediate plans to divest of some $15 million of pensioners’ money that essentially is just sitting. Is that correct, Minister?”

Wheatley said the Social Security Board spent over $41 million on the property over the years, with $26.3 million of that amount coming after the purchase of the land. When pressed about the SSB’s plan to divest its investment in the property, Minister Wheatley said he was uncertain about this, but he assured lawmakers that there was no need for any rush since the value of land usually appreciates, especially in the BVI.

“To say that it’s not making interest is a false statement,” Wheatley argued. “Land does appreciate in value. It was bought a few years ago. I cannot say specifically what the value of the land is at this point in time, but it has appreciated.” “I cannot say what the plan is [or] that the board may have for these properties… the board is here for the long run. Even if the land is not developed now, maybe in the next 50 years, it’s there, it’s not going anywhere,” he added.

The Minister argued that if the SSB needed to divest the property to get liquid cash, they would have gotten more than they paid for the land whenever they bought it back in 2016 or 2017.

“One of the things we know about land in the BVI – and all the records show it – it has the best holding value and efficient value of land in most countries in this world,” Wheatley said.

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24 Comments

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  1. Ummm says:

    But Marlon, this was Ronnie’s idea and soon after he became ill, you took over the MHSD portfolio. Don’t do that, seriously, don’t! While I am not in favour of this administration whatsoever, please don’t attempt to throw them under the bus for things the NDP started and agreed to.

    Like 12
    Dislike 3
    • See Beacon Online today on FAHEY’s trial says:

      Can we trust the VIP party whose president (FAHEY) reportedly uses 83k of drug money to settle the party’s debt? I almost fell out of my chair when I read Beacon’s online reporting on this.

      Like 8
      Dislike 1
      • Ummm says:

        You can’t even trust them to put one foot in front the other to walk…

      • Wow says:

        A political party funded by ill gotten gains.. This must be a first (sarcasm). Yep wont trust them as far as they can be thrown

        Like 3
        Dislike 2
        • Why Arturo? Why? says:

          A party that clearly has no clue what it’s doing and was partially funded by illicit proceeds. Seems like the VIP party alright. Truth be told: All of the parties whether VIP NDP PMP are all incompetent. The ppl always getting the bad end of the stick

          Like 2
          Dislike 1
    • Cato says:

      That is the problem right there! It was someone else’s plan and they took it and ran with it without having the whole plan, so now they do not know whether to turn left or right.

  2. LOL says:

    Investment is going down the drain. Who made Hon. Wheatley a financial guru and why are we listing to him?

    – Insurance on property – 1.5% of value
    – Maintenance on property – 1% of value
    – Ongoing depreciation of property 20% pa

    This is a FAILED project with no one taking responsibility for the loss against the Social Security Funds.

    Like 23
    • BVIlander says:

      The reality is, in any other country someone would have been fired over this wasted or stolen social security money. Can someone please tell me who is to blame because everyone cannot be blameless

      Like 17
  3. Resident says:

    Land doesn’t appreciate in value in a broken and corrupt society; especially with a lot of ill maintained and decaying empty buildings on it.

    This is what happens when the Government invests our social security money.

    Like 21
    Dislike 1
  4. Shimmy Shimmy Yah Shimmy Shimmy Yeah says:

    Is Cousin Vinny crazy or just stupid. What is clear is that Cousin Vinny does not understand how fair value works? Land is only worth what someone is willing to pay by way of an arms length transaction. That is not the same as having a liquid investment as a sale could take years when you need the cash like yesterday. He, his boss S!0w W@nde and the other A$$ C!0wn Brigade members are killing the country

    Like 15
  5. @Resident says:

    Prospect Reef, anyone?

    Like 8
    Dislike 1
    • Shimmy shimmy Yah Shimmy Shimmy Yeah says:

      I’d hold off on the notion of sinking further money into Prospect Reef until I see an independent market study on the commercial viability of this property. Our elected officials, including oppositions, have no commercial accumen. Between all of them, they have not ever even sold a bag of popcorn

      • Toddy says:

        @Shimmy,

        Government should have engaged Mark Vanterpool in talks to buy it and fix it up

        • Shimmy shimmy yah Shimmy shimmy Yeah says:

          May be, but only after a market study to ensure fair value. Believe me Vanterpool ain’t looking to fix up something that only sucks up money with no return on his investment.

  6. Hmmmm says:

    That development is CRIMINAL! It was never intended for ‘first time’ or ‘low income’ home owners!

    Like 21
    • Exactly says:

      First Time Home Owners can at least pay $1000 per month in mortgage payment. Something like this can be worked out so they can own a home.

      Like 3
      Dislike 1
  7. @ Exactly says:

    $1000 a month for 20 years at 7% works out to a loan of about $128k. Assuming a 10% downpayment, the value of a property mortgage works out to $140k. The govt spent $ 41 million on land and buildings. Just to recoup that money, they’d have to sell about 290 units at that price. There aren’t that many built.

  8. Land purchase $15million says:

    The land purchase was $15million – is this a fair value for this location?

    Total investment $41million for low income housing! The average cost per unit (52) is $788,000 yet the units are sold between $275k to $625k which is a budgeted substantial loss to the SSB.

    Its time to cut the waffle, revalue the units at cost and sell on the open market. This is not a low income project suitable for first time homeowners however wealthy residents may pick up as investment/rental opportunities which gives the SSB an opportunity to recoup the failed investment.

  9. @ BVIslander says:

    In other Countries Fahies’ whole Administration would have gone to Jail for ever since Tampering with the Peoples Social Security Money in first place 40 Million Dollars. I am still hoping that they all go to Jail for that. God Don’t sleep and the Virgin Islands will NEVER go forward until that Money is paid back or somebody goes to Jail. All Six of them.

    Like 10
    Dislike 1
  10. sort says:

    I ust want one of the 2 or 3 bed, townhouses, with the rent i pay now, rent to own me asap.

    Like 5
    Dislike 2
  11. Saskue says:

    Well instead of lowering the price or meeting the needs of the people

    Just give it your family and close friends like y’all usually do.

    And use the money to build y’all house like Fahie (Head coach)

    #CovidGrants
    #Contracts
    #BoardMemebers

  12. Taxpayer says:

    Prospect Reef hotel is not going anywhere

  13. $41 million!? says:

    Branson bought Moskito Island for $22 million. And yes, that land deal appreciates. He sold 8 lots for $8 million each (land only).
    BUT this land is on Joe’s Hill! Fool!
    You have a much higher chance of getting run over by a sewage truck than making any money in this crap location.
    Just admit your mistakes. This whole dead was stupidness.
    No way to run a government.

  14. Sorry says:

    Don’t worry VIP Government will find a way to give those house away for free, oh not free, for votes.

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