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Anonymous
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| 11/03/2007 5:02 PM |
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The deposits are almost assuredly at an escrow company which is part of their role in the world. You probably wrote your deposit check out to the escrow company as well. I'd take a look at the paperwork.
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Had it
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| 11/06/2007 11:37 AM |
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Yes all monies are in escrow held by title company, I called the escrow officer the other day and she told me no monies have been refunded at this point and as far as she knows the project is going forward.
Now when I call sales office, most times get answering machine, when I do get somebody live its the same old BS about its gonna be great everything is on pace, info will be coming out soon!, Same crap I have heard for over 1 year. I have not gotten 1 email or shred of info from them since I went into contract, and when I leave messages for my sales person, she never calls back, I really dont think she even works there anymore..........And if Setai does run it, have you seen the annual Fees that charge on top of split in South Beach......its thousands....
This thing really ended up being a joke.
And yes I agree, non disclosure at this point seems a viable contract cancellation point. |
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condotel
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| 11/09/2007 1:16 AM |
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Had it: I hear you!!! BTW, how did you find out how much the Setail charges? Did you call them? The sales people at Diegan have not given me an ounce of information since I have purchased there and its been over a year. The only time that I do get information is if I call and speak to the sales rep (Tom). Again- each time, he will "hype" up the project; say it's going to be the "only 5 star hotel in Downtown", "like the W but on steroids", "The Trumps were here and wanted to buy us out" "What the Hard Rock is doing is illegal (re: discussing hotel revenue splits)". It's a bunch of BS!!! The Hard Rock development are way more experienced than this developer- I don't think they would jeapordize anything to discuss this if they couldn't. I know there are SEC regulations but this IS a disclosure fact for "potential" owners. I drove by the sales office just 2 days ago and saw that the office has been cleared out. I'm not sure if they've relocated elsewhere but the office on Broadway is no longer there.
Earnest money is ALWAYS held in escrow but escrow is a neutral 3rd party so in the event that Diegan agrees to a release of funds, the escrow company (Chicago Title) has to refund it. They may take some money for charges since we've been in escrow FOREVER! I agree w/ you too about the numerous name changes. It was going to be the Mondrian then now Setai..... who knows if this is going to stick this time. Don't we have a way to rescind in the event that the hotel management charges some outrageous fee? That doesn't make sense if we can't. I don't even know what our HOA fees are nor the hotel split, etc.... I heard that they have removed the sinks that they plan on putting in the room from the original time I signed the contract. I believe that if all the current escrowees file a claim that this company and their rep have been "puffing" about the project & for non-disclosure... I'm sure we will be able to settle. If anything... I just want to know what's going on and what the expenses will be for this place. Also, what's the deal on the Foundation Room... is it going to open or not???? Seriously, I'm SOOO ready to get a Real Estate Lawyer... any recommendations????? |
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beenthere
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| 11/09/2007 8:00 AM |
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"so in the event that Diegan agrees to a release of funds,"
this is the key part - they can simply not agree and escrow continues until??? there must be a date in your contract that says when they have to be finished or the deal is cancelled - consult a lawyer (I am not one) |
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had it
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| 11/09/2007 9:20 AM |
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I contacted Setai in South Beach about some units they had for sale, the sales rep told me the annual fee is like 20k, plus the split.
If they try to do the same thing in San Diego, forget it, even though they say rooms will rent for 500 per nite.........supposedly..........still wont make sense, with any fee, from what I was told when I bought, it was supposed to be a rental split, nothing was mentioned about a fee on top of it.
I did speak to salesperson again, and yes same ol story, its gonna be great blah blah, but they did think that if I wrote a formal letter asking for refund I would get it back, but who knows, also dosent sound like this thing will be done till may or ???........even the sales rep was frustrated with lack of info, they dont know any thing either and are stuck in the middle,........hope these fools can run a hotel better than they handle sales and customer service........also from what I hear they didi move the sales office |
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Drew35
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| 11/09/2007 9:33 PM |
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| Everyone check your contracts..I think the date is 30 months from when the contract was signed in October 2005......That means if they are not done by the end of ~April 08 you can get your money back..IS that how everyone else reads their contracts?????? |
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Drew35
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| 11/09/2007 9:35 PM |
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| And where is the new office???....Can you believe that we aren't even told the new address???? this stinks..... |
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anonymous
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| 11/10/2007 6:35 AM |
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| It is Sold Out and prices did increase on this one - though it has a name that Sells itself. |
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had it
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| 11/10/2007 11:29 AM |
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It is supposedly 50% sold, but who knows, supposed to be some big price increase when Setai gets going, but I have heard that for a long time,....who knows........
The 30 months is from date you signed contract |
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Drew35
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| 11/10/2007 7:53 PM |
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| 30 months??? Do you think they are going to make it????? |
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anonymous
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| 11/11/2007 10:19 AM |
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You have a right to be concerned. Steve Rebeil is the developer and has a long checkered past. Have you googled him? The good news is that he will probably be bought out and you will have a real management team in place. The current management can't tell you anything because they don't have the answers either!! Its unfortunate but buyers need to research any projects development team before buying. If you had known about Steve Rebeil it is likely you would of bought at The Hard Rock.
Steve Rebeil has been making his failed condo/hotel announcements under oath at a child support hearing where he was under fire for non payment.
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Diegan/Setai Scam
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| 11/12/2007 12:43 PM |
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| If anyone talks to this guy Tom Benjamin or Steve Rebeil dont believe a word either one of them say! Guaranteed the Trump and celebrity stories they are telling are crap. Call your lawyers and get concerned. You've just been scammed. |
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Concerned Diegan buyer
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| 11/12/2007 12:48 PM |
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FORMER LAS VEGAS HOME DEVELOPER PLEADS GUILTY TO FILING FALSE TAX RETURN
LAS VEGAS - - A former home developer in Las Vegas pleaded guilty today in United States District Court to the felony offense of Willfully Filing a False Income Tax Return, announced Daniel G. Bogden, United States Attorney for the District of Nevada. STEVEN WILLIAM REBEIL pleaded guilty to a one-count Criminal Information in which he admitted that on or about October 20, 1995, he filed a false individual income tax return for the calendar year 1994. He is facing up to three years in prison and a fine of not more than $250,000 when he is sentenced on June 11, 2004, before U.S. District Judge Roger L. Hunt.
According to the court record, REBEIL was a residential home developer in Las Vegas, Nevada, and the surrounding area and operated under the names CONFETTI PARTNERSHIP, GEM HOMES, INC., PEBBLE PROPERTIES LIMITED, PIZZAZ II PARTNERSHIP, SUMMER PARK PARTNERSHIP, and GEM DEVELOPMENT COMPANY. STEVEN WILLIAM REBEIL accrued $500 to $1,000 in credits with respect to each house for which the subcontractor provided services. The amount was deducted as a business expense, but kept on the books by the subcontractor as a credit available to STEVEN WILLIAM REBEIL personally. During the tax years 1993 through 1995, STEVEN WILLIAM REBEIL received income of approximately $622,200 from the application of these credits to his personal construction projects, primarily the construction of his residence in the Spanish Trail development in Las Vegas. This income was not reported on his tax returns, resulting in a tax loss to the government of $174,216.
STEVEN REBEIL is released on a personal recognizance bond pending sentencing.
The case was investigated by Special Agents with IRS Criminal Investigation and was prosecuted by Department of Justice Trial Attorney Mark S. Determan. |
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anon
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| 11/12/2007 2:07 PM |
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Being only 50% sold out (if true) shouldn't be an issue with a condo hotel. The project should be able to support itself with the income from the room rentals. Isn't that the sales pitch that the developer is selling?
It is not like a typical condo project where you have empty units with no income and a huge carrying cost. |
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downtown_dude
Posts:43
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| 11/12/2007 3:34 PM |
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| Sounds like he was caught trying to evade taxes, and might have dubious sales practices, however I've never heard of a hotel (or any other tower) going up as a scam to investors. While it might not be a good investment, it seems highly unlikely we'll see anyone fleeing to the Cayman Islands shortly before its discovered that the tower is actually made entirely of paper mache. |
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anonymous
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| 11/14/2007 9:09 AM |
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Just found of this site. I have pursued Mr. Rebeil for six years on various cons and frauds. I assisted the IRS Criminal Tax Evasion unit in Las Vegas until 2004. Mr. Rebeil eventually plead guilty to criminal tax evasion and served a five month sentence in 2005.
Prior to that I helped his ex partner extracate himself from several Rebeil properties.
Mr. Rebeil has had over 60 suits in Las Vegas and several more here. Presently, he is 280K behind in child support and Orange county is ramping up enforcement (another client). The man can not even have a drivers license.
I have a booklet on Rebeil which has clippings, court doc's and others. Not looking to make any money. Already made it on him, just want to help because I have seen the damage he has caused people.
While I have made considerable money aiding people in recovering against Mr. Rebeil, I find him to be an incredible challenge. He is the sharpest con man I have encountered in 14 years. If anyone has any questions please feel free to contact me. Here is what one former associate wrote about Rebeil on Steve Rebeil.com.
Suffice to say, if you call Setai, you will get a different committment level than what Rebeil and Tom Benjamin (a former officer of their 2themart company that was class actioned by shareholders and paid out a large settlement) is essentially the shake and bake guy. |
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anonymous
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| 11/14/2007 9:11 AM |
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Sorry did not properly link the summary of a con man article written by a rebeil associate. I'll cut and paste it shortly.
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condotel
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| 11/15/2007 1:29 AM |
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| Thanks for all the updates everyone. The more I hear, the more I'm disgusted about the developer and the project. You're right, if I knew that Steve Rebeil is this deceitful, I would never had purchased. Also, I would think that if a person is that delinquent on child support and has scammed people in the past on development projects that the courts would demand for him to stop this! At this point, has any current pending Diegan purchasers received a refund? Perhaps we can get a petition together with all the pending sales contract that has been LIED to and PUFFED to file a claim against his salespeople and the developer? I'm so sick and tired of this bull shit and the salespeople that are trying to cover up for him should be repremanded. When I asked Tom F., the sales rep, about these public cases on Steve Rebeil, he said that there is a guy out that is trying to get the media to post all these untrue negative stories about him since they had a bad business prop.... BULLSHIT!!!! Has anyone succeeded in getting a refund on this project?? |
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Anonymous
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| 11/15/2007 9:11 AM |
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Hot off the presses. As I said, I have chased Mr. Rebeil for six years on many things. Here is the latest just filed.
Setai Group, LLC v. 5th Avenue Partners, LLC et al
Plaintiff: Setai Group, LLC
Defendant: 5th Avenue Partners, LLC, Steven Rebeil, Thomas Benjamin, Tara Solomon, Inc., Yami Alvarado and Elliot Stares
Case Number: 1:2007cv22948
Filed: November 14, 2007
Court: Florida Southern District Court
Office: Miami Office [ Court Info ]
County: Miami-Dade
Presiding Judge: Judge James Lawrence King
Nature of Suit: Intellectual Property - Trademark
Cause: 15:1125 Trademark Infringement (Lanham Act)
Jurisdiction: Federal Question
Jury Demanded By: None
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anonymous
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| 11/15/2007 9:38 AM |
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Just sued by Setai. I can not encourage you all enough to get together and file a class action suit. It WILL NOT get better, I assure you. Somebody should just take the lead and have a meeting, meet with a good lawyer and try to liquidate while there is still some equity in the property (if there still is). Do not take Rebeil for granted. He is a flat out con man who's only other hotel development was raided by the IRS and led to a subsequent criminal conviction. Remember that Rebeil is one step ahead of you in the con and you will be better prepared. If a lawyer attempts to put in a receiver you will all have a chance, otherwise, kiss the money good bye.
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