Now That Was A Great Investment!
Estate Mafolie is worth almost 3 times the purchase price but will the Governor cash in?
Gov. John P. deJongh, Jr.
His Administration hasn’t exactly been a model of financial responsibility.
There’s the Diageo deal, the Fortune deal, the property tax debacle, the relentless borrowing for operating expenses…
But sometimes you got to give Jack his jacket – and Governor John P. deJongh sure knows how to get a great Return On Investment (ROI) in his real estate deals.
Back in April of 2001, John and Cecile deJongh paid $295,000 for Parcel #23-8 Estate Mafolie.
When you add on the $490,000 in unauthorized public funds spent on the property for “security enhancements” the conservative present value of that property is at least $785,000 – nearly three times what he paid for it and a 166% return on his investment. Considering the rise in property values since 2001, that estimate is definitely on the low side – 200% is probably closer to accurate in 2010.
The United States Inspector General says the use of the funds was illegal and the Governor should pay it all back. Last fall, the Governor said he’d pay back a part of it but was quite vexed with the IG report and now says he’ll only pay it back if ordered by a judge.
We’ll see how that goes.
There’s that financial expertise we heard so much about!
Another story is that gov. dejongh made a deal with Diagio that doesn’t benefit the VI people but is hugely beneficial to Diagio and perhaps others. It can be extended for SIXTY YEARS!
Another story is that gov. dejongh didn’t collect property taxes for 4 going on 5 years putting many residents in danger of losing their homes. He could have sent out tax bills using the old rates according to Judge Gomez. The rumor is that the gov. will hire a collection agency to force people to pay up or move out.
Did you notice that now we have a new talk show on Tuesdays on WSTX from 8-10. “Administrator Corner” hosted by Dodson James. Barbara Petersen, and Leona Smith. STX, STT, and STJ administrators, respectively. Gov’t time and money. to foster the Governor’s campaign? These guys don’t know when to stop.
Thanks for the info. I will tune in to hear meaningful discourse.
I heard the program, and was not impressed. The same things that have been said by Encarnacion were said by Dodson James. No need to place any value in what they say, they are going to do what they want regardless of our needs. I just wish this comment wasn’t being monitored by DeJongh staff…it might give them a realization into what it really is all about. ( and right now, this administration just doesn’t “get it”).
I hope those with the correct answers would propose, instead of just oppose. Why not suggest to the administrators how to do their jobs? Calling them nasty names and hurling insults do not get positive results. The people have the power to protest.
What a shame- yes, how stupid!- to decide before knowing the facts! Any story sounds true until someone tells the other side and set the record straight.” Prov.18:13,17 TLB
Now that US Senate renewed our ability to collect rum revenues again and LeMieux’s amendment got the smackdown when Harry Reid couldn’t wait any longer and invoked cloture, is it safe to say we’ve won the Rum Wars? I wonder how many thank you cards we have to mail out to Diageo’s Senate Lobbyists?
How do you figure that his property value automatically increased by the amount that was “invested”? It doesn’t work like that. If I put a $100,000 commercial kitchen in my William’s Delight home it doesn’t mean someone will pay that much for it. The market and the neighborhood determine the value.
Randy your a moron.
@ Arawak Awakening
It seems the legislative rum wars might be over, but don’t be slack about what is likely to come.
With so many Puerto Ricans out of work, and no available jobs in the near future, we are likely to see retalliation by the unemployed youth who will take this steal-of-a-deal to heart.
Just like many predicted an enormous rise in crime with Commissioner Francis at the helm, and we see it has risen off the charts, many predict a viscious response from PR.
What a shame. DeJongh and Christiansen have put us “at war” all for what?
Yes Donna Christiansen, she put us in this mess, she is the one that took it to dejongh, and we all know he is not to bright, has A D D, thats whats his wife said. the he and her son has it.
Attention Deficit Disorder (ADD) does not make you stupid or an idiot.
We all know that John is both stupid and an idiot, so please don’t blame ADD for his horrible governing.
Point well taken. but he is an idiot, and he is stupid. oh yes and a thift
DR Louis Habtise for Delegate to Congress 2010!!!!!
How have WE won the rum wars, Arawak Awakening? In the Diagio deal the only obvious winner is Diagio. We are nothing more than victims of that deal, like the Puerto Ricans.
deJongh need to hurry up and get out! His misuse of government funds is getting more ridiculous every day. Everything for him and his administration is about building up the economy and focusing on tourism. That is all good,but he fails to acknowledge the youth in the community! Education should be the top priority. Diageo is being bult faster than schools. Children in public schools have to share text books…and the governor spending on all kind of unecessary things. Frauding the government! There needs to be more accountability. When education is worked on, we will see a better Virgin Islands! Start with the youth!
He breaking dont shanties to put up new ones and the roads we driving on need to fix! what a proper fool! Thanks for putting us into more debt deJongh, great job. Chups
The 18-year old needs a lesson in life.Go back to school and get an education.When this governor has served his term, Diageo will still be laying the golden eggs. Can’t stop the time.Our future is secured for another 30 year. Which future governor can do better? How?
Diageo is a bad deal because dejongh negotiated poorly. Anyone with love for the people could do better.
what was a bad investment was those tall trees in f’sted by the pier for the cost of $10,000.00 eash.