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Up for grabs

by Shawn Cumberbatch

toddsgreathouseAnother of the assets owned by insurance company CLICO is for sale.

Todds Great House in St. John and other property on two parcels of land totalling 11.5 acres have been placed on the market for $8.9 million.

This follows the effort to dispose of another of the company’s St. John assets, the inland hotel Villa Nova Hotel.

A sales notice described the great house as “one of Barbados’s finest plantation homes, a product of the halcyon days of king sugar”.

“The property for sale comprises two parcels of land totaling 11.5 acres, with parcel A hosting a solidly built two storied six bedroom coral stone great house,” it stated.

“The great house was fully refurbished and upgraded a few years ago, … the upgrading and refurbishment has returned the Great House to its former glory.”

Real estate officials said the second parcel of land included the managers house, a barn, a workshop, a stable block and a horse paddock.

“This property should attract sophisticated buyers seeking authentic country living in an elegant great house with all of the trappings of yesteryear,” the notice stated.

Todds Estates is one of the CLICO assets mentioned several times in the CLICO forensic audit report of December 2011, where it was pointed out that up to March 31, 2011 Todds owed CLICO International Life Insurance $6.7 million.

“As at January 1, 2003 CIL had a balance receivable from Todds Estates Limited of $1.2 million. The balance remained at approximately this level until the end of 2007,” the report stated.

“The balance receivable was reduced from time to time on account of land sale proceeds retained by CIL relating to land held by Todds Estates Limited. This was offset by further loans to Todds Estates Limited to finance wages, payments to suppliers, utilities and for other purposes.”

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