Costa Palmas is a luxury resort run by the Los Angeles-based real property company Iron Gate. Costa Palmas is the resort’s area of operation. Homes located at Costa Palmas range from $2.5m to $250,000 for waterfront properties.
Jason Grosfeld
In 2021, extensive interviews with Jason Grosfeld, the Chief Executive Officer and the founder of Iron Gate, confirmed that Iron Gate confirmed that the virus impacted the worth 1 billion in real estate transactions within Costa Palmas. Costa Palmas residents are quick to say they are aware that Iron Gate, a modern-day Bernie Madoff, is using millions of euros made from luxury properties to deceive and con buyers to boost profits for Iron Gate.
Costa Palmas Brings A Claim:
Sources claim they know that Iron Gate, its Mexican subsidiaries, as well as their representatives have filed criminal and civil lawsuits throughout Mexico against them over racketeering and fraud as well as conspiracy, extortion, and other unlawful acts. According to sources, the Two Costa Palmas homeowners have filed an action with the United States against Iron Gate and certain of its representatives. Legal proceedings are also in the process of being drafted. Investigations are conducted by various police departments across Mexico the US and various other authorities.
Jason Grosfeld Fraud:
Jason Grosfeld fraud in public filings this year in the matter that is Iron Gate before the federal courts in California two homeowners who are from Costa Palmas GS 1975, LLC TRG CP and GS 1975, LLC TRG CP claim that the CEO and the founder Jason Grosfeld, as well the directors of development, marketing as well as Michael Radovan, as well its general counsel Mitch Laufer of luring potential buyers to buy homes by promising them thousands of dollars to construct
In the suit, it is stated it is claimed that Iron Gate misled customers by declaring that houses could be constructed in just 18 months. They used the funds to fund other projects or construct new houses. Iron Gate has billed homeowners millions of dollars for homes that were in construction, but that they hadn’t lived in for many years.
Jason Grosfeld’s Online Reputation: Statements on the Court Cases That Hurt:
Additionally, lawsuits assert they were notified that Iron Gate, its agents, and workers threatened to file for bankruptcy over contracts or cease construction if the money wasn’t paid. This led to the extortion of thousands of dollars from plaintiffs. The plaintiffs in both cases assert that Iron Gate retaliated immediately when they attempted to protect themselves from the wrongdoings committed by Iron Gate by threatening to cancel the subscriptions and memberships for the Costa Palmas Beach & Yacht Club.
According to the records of state courts that belong to GS 1975 LLC, Iron Gate demanded that the matter be sent into arbitration in Mexico. Steve Anderson, a GS 1975 LLC representative, asserts the Iron Gate was at the heart of arbitral proceedings within Mexico. GS 1975 LLC has filed an action with Iron Gate seeking more than $20 million in damages.
Jason Grosfeld’s Father:
TRG CP, LLC did not respond to our attempts to reach TRG CP, LLC. We tried to contact them. They did not respond. They didn’t respond. Real Deal reports that Jason Grosfeld’s father, James Grosfeld was a well-known investor at the Black Rock firm where James Grosfeld was a shareholder in $94 million of stocks. James Grosfeld served as the Pulte Group CEO and Chairman from 1974 until he resigned from his directorships because of disputes with the company regarding corporate management. James Grosfeld was in both posts for 16 years.
Final Judgements in the Case
Iron Gate made numerous false claims about the duration and expense required to complete the construction, in order to secure funds in the thousands of dollars. Iron Gate invested more than five million dollars from the plaintiff’s funds, yet the structure was merely an unfinished concrete shell.
Similar allegations to the allegations that were made in the lawsuit filed by GS 1975 LLC. Iron Gate allegedly holds the plaintiff’s house hostage and is refusing to move until the plaintiff is able to pay millions of dollars in additional expenses to settle the lawsuit. We attempted to reach TRG CP LLC to ask for clarification, but have not heard back.
As per our source, there could be a lot of other Costa Palmas buyers who have similar claims or experiences. This could suggest the Iron Gate and/or its representatives could be subject to further legal actions. We’ve also heard authorities from the Mexican Federal Authorities as well as American Federal Authorities are investigating the situation.
Source: Freep Sports 247
