Boracay Mansion will be auctioned
Posted on November 18th, 2009
The infamous “Boracay Mansion” which was confiscated from former president Joseph Estrada, will be up for auction. The Sandiganbayan Special Division has given the green light to auction off the said property.
Sandiganbayan chief sheriff Edgardo Urieta was directed in a resolution by the anti-graft court to proceed with the auction of the “Boracay Mansion” which is temporarily scheduled on January 26, 2010. “I was tasked to implement the order by following court procedures.”
“Boracay Mansion” was so called because of its landscaping which is similar to that of a typical posh beach resort, complete with a swimming pool with wave machines. It’s a 7,145-square meter property located in an exclusive neighborhood in New Manila, Quezon City.
The “mansion” was built on two contiguous lots located between 10th and 11th Streets in New Manila. With one property measuring 5,192.88 square meters and the other with an area of 1,953 square meters.
According to the Commission on Audit (CoA), the land value in the area is said to be at P20,000 per square meter. COA said the government stands to earn some P143 million from the proceeds of the sale of the sprawling property.
The fair market value of the mansion is P142,918,400, said Engineer Jose Damole, chief of CoA’s Property Disposal Evaluation and Research Division.
The “Boracay Mansion” was forfeited by the Sandiganbayan, along with other properties, for being part of Estrada’s ill-gotten wealth after he was convicted of plunder on September 12, 2007.
It had already been scheduled for auction before, but it was postponed several times. It was said to have problems on its title, and there was an adverse claim asserted by the Quezon City government on the basis of unpaid real estate taxes incurred by the St. Peter Holdings, the previous registered owner.
