Navy Island deal almost sealed

THE FINANCIAL Sector Adjustment Company (FINSAC) is one step closer to disposing of Navy Island in Portland after the collapse of at least one high profile deal last year. The popular island, once the playground of Hollywood legend Errol Flynn, was closed to the public about four weeks ago. It has been in a state of disrepair for sometime, with the cottages largely unoccupied and several buildings seemingly abandoned. Few visitors visit the location. But all that could change soon.

According to Patrick McDonald, attorney and corporate operations executive at FINSAC, the closure of a property is usual just before it changes hands.

"Generally when the property is about to change hands you hand it to them (the new owners) with a clean sheet so that when they take over immediately they can do what they need to do," he told The Gleaner.

Mr. McDonald confirmed that the island was being sold to the operators of Port Antonio Villas and Charters (PAVC) for US$2.75 million. This is US$250,000 less than the US$3 million deal that was reportedly struck last year with American actor, Lou Gossett Jnr. That deal fell through shortly after it was reported in the press.

The owners of PAVC are Jay Moskowitz, chairman, a U.S. citizen citizen who also resides in Jamaica; Frank Lawrence, director, a Jamaican, and Jon Baker, a Briton with investments in Jamaica. None of the men were available for comment on Friday.

However, The Gleaner has reported that both Mr. Baker and Mr. Moskowitz will be transforming the 64-acre property into a major attraction. They expect to spend between US$25 million and US$50 million for the development, which will possibly include a small 40-room hotel, eight private villas and a spa. It will be sold as a high-end resort to an affluent clientele.

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