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Valuation of Kingsland Lands

TIMELINE 1984-1990

  • In 1984 Kingsland lands were conservatively valued at $18 million by Mr. Leonard St.Hill (FRTPI).
  • Audited Financial Statements for Kingsland were produced by Coopers & Lybrand in 1989 for period 1983-89. No audited financials available to shareholders prior to 1989 or subsequent to 1993.
  • In 1989 Kingsland directors signed a contract for the sale of 16 acres on South Ridge to Keble Worrell Ltd. for the sum of $1.3 million. Keble Worrell Ltd. failed to complete the transaction. After 6 years two of the Kingsland directors signed a further contract with Keble Worrell, without the knowledge of the Board, writing off the accumulating 10% interest. The interest written off was in excess of $750,000. For $2,500 Keble Worrell also purchased a 20 year option on the adjacent 60 acre area!
  • In 1987-89 Kingsland through Mr. Leonard St.Hill made and received certain approvals from Town Planning for lands which were valued in excess of $5 million. To date these permissions remain unexploited by Kingsland.
  • In 1990 the Government of Barbados published notices of acquisition of 15.75 acres of Kingsland land directly on the ABC Highway at Kendal Hill for the construction of the Transport Board Headquarters. I understand that the Board of Kingsland neglected to claim compensation for these lands which were valued at $3.00 per square foot in 1990.

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