Storm Gonsalves has addressed the subject of the 95 acres of land in Bequia by confirming his ownership while clarifying the nature of the terrain and the acquisition process.
Speaking on Boom FM 106.9 OMG Show, He confirmed that he and his partners, including his godmother, own approximately 95 acres at the Spring Estate (formerly the Rain Tree Estate) in Bequia and emphasized that he does not hide this asset, noting that anyone can verify the ownership by doing a search at the registry.
Gonsalves qualified the size of the holding by explaining that not all 95 acres are developable stating that the developable area is “less than that” because a significant portion of the property is “cliff side”.
“The purchase is an “arms length” transaction that took place during the “depths of COVID” when tourism investments were at a standstill, which was reflected in the price”.
When pressed by host Dwight ‘Bing’ Joseph about the purchase price or the current value of the land, he objected to disclose specific financial details, stating that his profit, loss, and personal financial information remain private.
Gonsalves admitted that the land is likely worth more now than when he purchased it and attributed this increase in value to the rise in flights to St. Vincent and major economic developments in the country, such as the Sandals resort.
He also mentioned that the land contains an old quarry, for which he received conditional planning approval to operate in order to source aggregate (stone) for his development projects, as importing materials is cost-prohibitive
