Spain Property Scandal Finally Gets Day in Court

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One of the largest corruption trials in Spanish history opened this week, focusing on charges that public officials were paid hundreds of millions of euro to approve developments along the Costa del Sol.

Ninety-five defendants are on trial, including two former mayors and Juan Antonio Roca, the former city planner for the ritzy city of Marbella, who allegedly collected more than 33 million euro in bribes from developers. Roca reportedly lived like a king, with vast estates, aircraft and rooms filled with collectible art.

The Marbella town council was dissolved in 2006 after the accusations surfaced. In the wake of the scandal, dozens of developments were declared illegal, creating a mess that still affects thousands of homeowners, many of them expatriates who bought vacation homes.

A wide array of public officials and business leaders were caught up in the scandal. Investigators allegedly found $400,000 in cash in the home safe of Marbella's deputy mayor. By one estimate, more than 2.4 billion euro was looted from the city's coffers.  

With so many so many defendants, the trial is expected to last several months.

See related REAL ESTATE CHANNEL news post;

Spain's Property Laws Headed to Court

 

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