Investors tell how alleged property scam cost them their life savings

Feb 28 2011 by Ben Goldby, Sunday Mercury

FURIOUS investors have told how an alleged property scam that saw Premier League soccer stars lose cash has cost them their life savings.

Last week we revealed that a criminal case had been launched in Spain against the boss of Ocean View Properties which went bust owing £43 million.

Investors, believed to include ex-Aston Villa star Gareth Barry, claim they lost a fortune in the crash.

Now Colin Thomas, founding director of the Staffordshire property firm, is being investigated for fraud and misappropriation of funds over the Costa Del Sol holiday home scheme.

It also emerged that Spanish lawyers are planning to call Prince Albert of Monaco to give evidence as a witness at the trial.

Last night one angry Midland investor, who asked not to be named, said that along with celebrity victims, dozens of “normal” people had lost their life savings.

“I have lost in the region of £100,000,” he said.

“I bought an off-plan property in the Estrella De La Bahia complex, sold by Ocean View. We were promised amazing rental returns, but nothing ever materialised.

“Instead we bought properties that, when completed, had major structural defaults and were flooded with sewage water.

“I ended up paying a mortgage on a property I could not rent out due to the construction company doing a disastrous job.