TCI: Juniper Hole re-claimed 13-years later at lucky $8 Million price tag

#TurksandCaicos, May 30, 2021 – Juniper Point, better known as Juniper Hole goes down in TCI history as one of the largest land sales ever, it is also likely the most infamous… though initially thought to be some 2500 acres, it is confirmed by the Attorney General Rhonda Lee Braithwaite Knowles, QC as 1000 acres.

Premier Washington Misick, in his first 100 days in office managed to negotiate a deal with British Caribbean Bank that has seen the treasured yet controversial, Juniper Point property in Middle Caicos returned to the Turks and Caicos Islands Government and it has cost the country far less than it could have. 

“British Caribbean Bank had a lien on it for the money they’ve paid to Government for it, which was an investment but they actually held the lien because they loaned the money towards it.  We were able to negotiate repurchasing the land back, 1,000 acres for the same amount of money, or just a little bit more in terms of the interest, than what they had paid to lend out to acquire the land. So, that thousand acres of Juniper Hole is coming back to the Government,” said Hon E. Jay Saunders, Deputy Premier,  in a Thursday May 20, press conference where he fleshed out decisions made in the previous day’s Cabinet session.

The Deputy Premier, E. Jay Saunders confirmed that Juniper Hole’s reclaim was complete and when asked what it cost the government to get it back; he said around $8 million dollars.

“It’s about $8 million, slightly above eight and definitely less than $9 Million all-in.  So we paid basically, the money that was loaned to be paid to the government.  It’s not any money that Government is losing because that is the money paid to acquire the land from Government, paid out by British Caribbean Bank.”

According to the evidence presented in the Special Investigation and Prosecution Trial, (SIPT) the investor Juniper Hole Development Ltd paid $7.5 million for the land. 

It was particularly outrageous to scrutinizing eyes because the land had been valuated at $24 million; which meant the developer got a 60 per cent discount on the property which was not only pristine but historic. 

Juniper Point is picturesque, a sanctuary for birdlife and significantly it is the site of the Crossing Place Trail; the refurbished paths link North and Middle Caicos and were the point of crossing when tide was low between the two largest, greenest islands; land which was supposed to go to the Turks and Caicos National Trust but which – due to the suspect and seemingly insensitive sale – appeared to be on its way to being erased by Juniper Hole Development Ltd. 

One plan published was to construct as many as 1000 villas, a marina and a golf course, a project so massive it would have spanned both North and Middle Caicos, according to the SIPT. 

The sketchy transaction involved islanders who were allegedly asked to be shareholders, allegedly signed up – unwittingly – to be guarantors of a loan at British Caribbean Bank and had received payments as part of the elaborate scheme. 

Concern was had over the land transfer which SIPT trial notes say went to Standfield Green Law firm instead of the usual course, to the Developer.  Then Governor Richard Tauwhare was reportedly shocked by events which in his view, went constitutionally contrary to decisions taken at Executive Council. 

From up to four developers who wanted to own the spot, to Development Agreements which were said to have been forced on the AGs Chambers, to  advice from  TC Invest shunned, to incorrect billing which led to the low payment of $7 and a half million dollars, the case continues to bring into disrepute, allegedly, the PNP Government of that day but the PNP Government of this day, has brought welcomed resolve, 13 years later and while the cost to do so could have been easily in the tens of millions of dollars, it was not. 

With $8 million, which is roughly what the Government got paid for the property in February of 2008, Juniper Point better known as Juniper Hole is back where it belongs, with the people of the TCI.