Where dreams turn to nightmares and emotional headache
George Mastronikolis has again reinvented himself. Now he wants to take care of your parents when they get old. Would you trust this man, who never in his life has provided anything in an honest matter or with quality, to take care of your parents?
Constantly cheating customers, cheating staff, cheating banks, cheating partners, building houses with poor quality, now wants to make you believe he is the right person to provide a place for seniors to live their golden years.
George is writing on the website that the new apartments are handicap friendly.. How is a 2 story house without an elevator handicap friendly?
Further he is giving false information on his website stating that foreigners cannot own property in Thailand and they have to sign leases of 30+30+30, which is both against the law and has been ruled in court on already to not be enforceable. But then again, you can never rely on getting the correct or true information from this man.
Buyer beware
George offering leases that are not enforceable and against the law
We have been contacted by several people stating that they have paid deposits for Lotus Development’s “Penthouses Phase II”. This development should have been finished by September 2015, but as of today, 21st of March 2019, the construction has not even started. People have also pointed out that the original masterplan has now been changed and there is no plan on even making the second phase of the Penthouses.
Below you can see the original Masterplan with the Penthouses Phase II in the bottom left corner along the water features (marked in yellow)
Several of these Penthouses has been sold and deposits have been paid to George Mastronikolis, but various excuses for over 4 years have been given as to why the development never starts.
The below is the new Masterplan for the development and the majority of Penthouses phase II doesn’t exist anymore leaving several buyers still wondering what happened to their money…
Concerned customer emailing Lotus Villas and George Mastronikolis
Every time Lotus Villas/Regal Thailand sell land (and house/apartment) the contracts will be very vague and include a few things to look out for… below you will see 1 big issue that will lead to disputes at the time of transfer of the land
Thailand Regal Development Co,.Ltd with address 62/16 Petchkasem Rd. Nong Kae Hua Hin 77110 Prachuabkirikhan, represented by Georgios Mastronikolis, having its office located at 62/16 Petchkasem Rd. Nong Kae Hua Hin 77110 PrachuabkirikhanThailand.
Hereinafter referred to as “Developer” of the one part ;
AND
Mr. xxxx xxxxx , xxxxx national, carrying passport number xxxxxxxx residing at xxxxxxxxx, Hereinafter referred to as the “Purchaser” of the other part.
Whereas, the Developer is the beneficial owner of the land bearing the title deed (Nor Sor 3 Gor) no. xxxx, Land No. xxxxx Tambon Tab-Tai, Hua Hin District, Prachuabkirikhan Province, with an area of approximately 21 Rai or 33,600 square meter, where the land is located within the development known as Lotus Villas & Resort, referred to as the “Site”
In the above text you can see the “beneficial owner” typed. This mean that Regal Thailand or Lotus Villas and Development (or George… in the end they are all the same) does not own the land and it is most probably under debt or someone else owns the land.
George is famous for doing something in thai called Kai Fak, which basically is to borrow money against land as collateral.. Under this setup, interest is supposed to be paid to the lender in the amount of 1.5%-2%/month (which is illegal in Thailand) and the money should be paid back to the lender within a certain amount of time. George has failed many times to pay the interest and lost many pieces of land to the lender this way.
The whole of Black Lotus Resort / Lotus Villas & Resort is under this type of structure and thus selling houses and apartments with “lifetime access to the common facilites of Lotus Villas” is just fraud and nonsense as he cannot guarantee that the lender will not shut down the resort due to non performance of the loan.
Another thing to be very careful of is the fact that he has NEVER delivered a house on time. In some cases houses have been 1-3 years late as he uses client’s money for his own private expenses. The classic example is to pay a deposit to start building the foundation of the house and then further installments as the construction progresses. However George continously uses clients money for other expenses than to build the customer’s house and he does not have money in the end to continue the construction unless he sells another house where he get a deposit and use some of that money for the first house…
It’s like borrowing money from one credit card to pay off the first credit card.. round and round it goes…
George Mastronikolis 