ARCHIVED - Former Polaris World land and properties finally being auctioned off

The plots include building land, the headquarters of the developer, the former garden centre, commercial and residential properties

Bargain hunters could pick up a good deal as the assets which remained after the bankruptcy of the Polaris World developer are being put up for sale by auction a decade after the property crash which stalled the construction of the last Polaris resorts.

At one time the resorts were the flagships of the building boom which created thousands of jobs and fuelled the success of businesses dedicated to the sale of furniture, home furnishings, garden products, white goods and all of the materials and services used to construct and furnish thousands of holiday apartments, many sold to foreign buyers, but that all changed in 2008 as the market started to stall and by 2010 Spain had entered into a recession which lasted eight years as the property market collapsed.

Polaris World was just one of dozens of casualties amongst developers and constructors who had over-extended their credit capacity and were caught with half-finished resorts, and left a vast bank of finished and unfinished properties, plots of undeveloped land and other assets, which were initially amalgamated into the IRM Group by the banks which were owed millions by Polaris, before ending up in the hands of the Sareb, often referred to as “the bad bank” which absorbed the property assets of the virtually bankrupt banks which were merged to create Bankia.

Since then, the Sareb has attempted to sell off the assets and recover as much money as possible, but the decision has finally been taken to liquidate the remaining assets and PwC, the administrator, has commissioned the Eactivos.com portal to liquidate the developer's properties and sell them at auction.

Eactivos.com, specializes in the liquidation of assets from companies in bankruptcy, and advertises a wide range of products, properties and assets in online auctions, with lots from all over Spain.

The Polaris World assets are located in the municipalities of Torre Pacheco, Alhama and Murcia, and include plots of land, commercial premises, parking spaces, offices, and other assets, some of them on the residential golf resorts, including plots of land destined for construction which were never developed, the former headquarters building of the developer and commercial units.