How he spent your money
In case you missed last week’s open house at 21 Tee Street – the former home of convicted BHC fraudster Terrence Smith - you can see what he spent your tax money on here.
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Just shows you can't buy taste.
Posted by sandgrownan on 22.11.06 at 20:57
Does the taxpayer get the proceeds of the sale or Gibbons Co?
Posted by Rev. Goat on 22.11.06 at 21:26
Holy crap! What a monument to bad taste. It reminds me of Steve Martin's place in "The Jerk". I was half expecting to see water coolers filled with red and white wine next to the pool.
Posted by loki on 23.11.06 at 08:32
There are exceptions to be sure, but this house is all too typical of the newly rich, both here & elsewhere. It is all substance & little class.
Imagine if every property was built out to maximum site coverage & bending of planning rules like this one.
I too wonder how much of our money will be seen out of this one. Meanwhile Smith lives very comfortably at our expense to the tune of well over $1000 per week at the Dockyard Best Western.
Posted by VB on 23.11.06 at 09:00
VB,
But at least we get to turn our own lights out at night!
Posted by abc on 23.11.06 at 09:17
Maybe government will buy it so our new President will have a place for foreign visitors to stay while attending the Gala in January?
Posted by schooldaze on 23.11.06 at 10:52
House builders these days have two primary requirements : It's gotta be big and it's gotta be ugly.
Posted by Freddie on 23.11.06 at 18:14
Was the interiror design on this place done by the taste free dignity-phobes who did the Atlantis? Maybe Tee St could host our first casino??
Posted by The Christian Fist of Gratitude on 24.11.06 at 09:12
Hmmm.... I gotta get me one of them guvmunt jobs.
Posted by SmokingGun on 24.11.06 at 12:47
"Does the taxpayer get the proceeds of the sale or Gibbons Co?"
Gibbons Co. (Capital G) gets the proceeds. Personally, I was surprised at this, as there's an argument to be made that they had construtive notice of Smith's fraud: had they checked out Smith's various applications for funds and, in particular, the details given of his income, they should have realised that Smith didn't have the legitimate means to support the loan payments and didn't legitimately receive his declared income.
Posted by loki on 24.11.06 at 13:15
The bank only gets what's needed to pay off the loan. The rest goes to goverment.
Posted by JJ on 24.11.06 at 13:57
Mr. Smith and the deposed Iraqi leader, Saddam Hussein, must have the same designer genes. It appears to be decorated in the style of Nouveau Tacky Iraqi.
Posted by jadedvoter on 25.11.06 at 23:12