by Rose Simone
RECORD STAFF
The Jakobstettel Inn has been put up for sale with the hopes of finding a new owner by the end of next month.The inn, on Isabella Street in St. Jacobs, was one of the businesses run by Daniel P. Reeve, whose troubled business ventures are now the subject of a review by the Waterloo Regional Police fraud branch.
Waterloo Regional Police Sgt. Rob Zensner said the police have now received about 100 complaints about alleged investment losses that total more than $16 million. That includes investments related to the Jakobstettel Inn, as well as other investments sold through companies headed by Reeve.
The inn closed earlier this spring. Many couples who had booked weddings there lost their deposits and had to scramble to find other locations for their weddings. The property is now going through a power-of-sale process as the mortgage holders try to recover their money.
Tuerr Holdings Inc., which had first and second mortgages on the property, is owed $680,765 on the second mortgage; Brunen Holdings Inc. is owed $350,000 on a third mortgage, according to court judgments.
The inn is being sold in a rapid "sealed bid" auction process that aims to get the property into the hands of a new owner as soon as possible, according to Grant Hagerty of DTZ Barnicke in Waterloo-Wellington, the real estate company appointed as broker of record.
Hagerty said details of the inn's sealed-bid auction have been distributed to about 200 operators of inns and bed and breakfast properties, as well as other businesses that might be interested.
The sealed-bid auction closes on June 30 at 4 p.m.
Hagerty said the intent is to get a "fast and furious" serious bid process going. He said the seller, Tuerr Holdings, wants to get the property into the hands of a suitable buyer and "see it go to a positive use."
The two-hectare property includes a gated three-storey Victorian home with 10 guest suites, a heated in-ground pool with poolside cabana bar and grill, tennis courts and gardens, as well as meeting room facilities.
Hagerty said there are many possibilities for the property. A prospective buyer might be interested in running it as an inn or as a bed and breakfast, he said. Companies also might be interested in it as a guest house and meeting facility, and someone might even eye it as a private residence, he said.
"We are looking at as diverse a range as possible," he said.
There is no starting price for the bids, but the advantage of having a sealed-bid process with a short time frame is that it encourages serious buyers to put their best offers forward. "If they don't, someone else will," Hagerty said. "What we are trying to do is create a competitive bid situation."
Tuerr Holdings hopes to select the best offer on July 3, and finalize the sale by the end of July.
Showing posts with label the Record. Show all posts
Showing posts with label the Record. Show all posts
Monday, June 29, 2009
Saturday, April 25, 2009
Wedding Nightmare, The Continuing Saga
Locked out Millionaire in You owner also runs closed Jakobstettel Inn
The Waterloo headquarters for the Millionaire in You Wealth Institute, owned and run by Daniel P. Reeve, has been taken back by the landlord for nonpayment of rent.
Mat Wolf, a principal in Solowave Investments, the landlord for the property at 423 King St. N., said his company changed the locks and took back the premises on April 16, 2009.
Wolf said Solowave tried for weeks to meet with Reeve in an effort to make arrangements to get back rent owed, but each meeting was deferred by Reeve.
"We have had no success in actually meeting with him and we went through a process of making a formal demand for the rent arrears," Wolf said.
Reeve is also the president of Jakobstettel Properties Inc., which ran Jakobstettel Inn in St. Jacobs until its sudden closing in early April.
The inn property on Isabella Street is in power of sale proceedings because of defaults on the mortgage.
Reeve said on an April 17 the Record interview that he hopes to meet with the landlord of the Millionaire in You office to work out an arrangement to reopen the office.
He also said that he is "in the middle of refinancing" the business.
Reeve also used to head Daniel P. Reeve and Associates Financial Services Inc. and was the "chief visionary officer," for DPR Financial Inc. Now, both websites, www.dpr-financial.com. and www.themillionaire-inyou.com, are no longer functioning.
Another site, www.corporateangel.ca, was still functioning as of April 17. It advertises Reeve's books such as The Millionaire Mortgage, which claims to show people how to "turn your mortgage from being a burden of debt into a high-earning investment vehicle," and do so "without even changing your cash flow."
The Millionaire in You Wealth Institute offices in the 5,000-square-foot building opened in November 2007.
The office was to be a state-of-the-art "command centre" for the Millionaire Group and its affiliated businesses that encompassed Millionaire Travel, Millionaire Executive Services, Millionaire Mortgages and other businesses.
Waterloo Regional Police are now "reviewing" 35 complaints about products offered by various businesses headed by Reeve, Staff Sgt. Wally Hogg said in mid-April to the Record.
In an interview on April 8 with the Record, Reeve said his companies have done nothing wrong and he is confident that nothing further will come from the review.
Reeve also said at the time that the Jakobstettel Inn was closed because he was training new staff. He said he planned to reopen it on April 21.
Former suppliers to Reeve's businesses say they also are owed money. Daniel Tuka of The Essential Image in Waterloo said he is owed $5,000, plus material costs, on a project completed about eight months ago to produce promotional DVD discs for The Millionaire in You Wealth Institute.
People who paid deposits for weddings that were booked at the Jakobstettel Inn are also trying to get their money back.
The Waterloo headquarters for the Millionaire in You Wealth Institute, owned and run by Daniel P. Reeve, has been taken back by the landlord for nonpayment of rent.
Mat Wolf, a principal in Solowave Investments, the landlord for the property at 423 King St. N., said his company changed the locks and took back the premises on April 16, 2009.
Wolf said Solowave tried for weeks to meet with Reeve in an effort to make arrangements to get back rent owed, but each meeting was deferred by Reeve.
"We have had no success in actually meeting with him and we went through a process of making a formal demand for the rent arrears," Wolf said.
Reeve is also the president of Jakobstettel Properties Inc., which ran Jakobstettel Inn in St. Jacobs until its sudden closing in early April.
The inn property on Isabella Street is in power of sale proceedings because of defaults on the mortgage.
Reeve said on an April 17 the Record interview that he hopes to meet with the landlord of the Millionaire in You office to work out an arrangement to reopen the office.
He also said that he is "in the middle of refinancing" the business.
Reeve also used to head Daniel P. Reeve and Associates Financial Services Inc. and was the "chief visionary officer," for DPR Financial Inc. Now, both websites, www.dpr-financial.com. and www.themillionaire-inyou.com, are no longer functioning.
Another site, www.corporateangel.ca, was still functioning as of April 17. It advertises Reeve's books such as The Millionaire Mortgage, which claims to show people how to "turn your mortgage from being a burden of debt into a high-earning investment vehicle," and do so "without even changing your cash flow."
The Millionaire in You Wealth Institute offices in the 5,000-square-foot building opened in November 2007.
The office was to be a state-of-the-art "command centre" for the Millionaire Group and its affiliated businesses that encompassed Millionaire Travel, Millionaire Executive Services, Millionaire Mortgages and other businesses.
Waterloo Regional Police are now "reviewing" 35 complaints about products offered by various businesses headed by Reeve, Staff Sgt. Wally Hogg said in mid-April to the Record.
In an interview on April 8 with the Record, Reeve said his companies have done nothing wrong and he is confident that nothing further will come from the review.
Reeve also said at the time that the Jakobstettel Inn was closed because he was training new staff. He said he planned to reopen it on April 21.
Former suppliers to Reeve's businesses say they also are owed money. Daniel Tuka of The Essential Image in Waterloo said he is owed $5,000, plus material costs, on a project completed about eight months ago to produce promotional DVD discs for The Millionaire in You Wealth Institute.
People who paid deposits for weddings that were booked at the Jakobstettel Inn are also trying to get their money back.
The Wedding Nightmare Continues
Jakobstettel Inn can operate despite power-of-sale process.
The Jakobstettel Inn property in St. Jacobs is in the midst of a power-of-sale process because of defaults on mortgage payments, according to court documents.
The inn, located in an old mansion on Isabella Street in St. Jacobs, had been booked by couples who put down deposits for upcoming weddings. Those couples have been scrambling to make other arrangements since the inn suddenly closed down.
In a statement of claim served to Jakobstettel Properties Inc. on Jan. 22, the mortgage holder, Brunen Holdings Inc. of Kitchener, claimed it is owed almost $350,000 in principal and interest on a mortgage of $655,461 that was registered last June in the Waterloo Region land registry office.
Last month, the Ontario Superior Court of Justice granted Brunen Holdings the authority to issue a writ for possession of the property when it is sold, so that it can be turned over to a new owner.
Bruce Lackenbauer, a Brunen Holdings representative, said the court order basically allows the power-of-sale process to proceed. That process is now underway, but the writ of possession has not been taken out yet, he said.
"We don't want to get into possession until we have to, and the power-of-sale process requires appraisals and that sort of thing, so we are just in the process of that now," he said.
Lackenbauer said the power-of-sale process does not prevent the inn from operating. "We are not in any way preventing it from being open. That is up to the business, which is Jakobstettel Properties Inc.," he said.
The president of Jakobstettel Properties Inc., Daniel P. Reeve, has not returned calls since last week. His lawyer also has not returned calls.
Reeve said in an interview with the Record on April 8 that he was training staff and would reopen the inn on April 21, but couples who have weddings booked at the inn are still in a state of confusion about whether the property will be available to them. As of April 14, there was still no answering machine or voice mail system to pick up calls to the inn.
The Jakobstettel Inn property in St. Jacobs is in the midst of a power-of-sale process because of defaults on mortgage payments, according to court documents.
The inn, located in an old mansion on Isabella Street in St. Jacobs, had been booked by couples who put down deposits for upcoming weddings. Those couples have been scrambling to make other arrangements since the inn suddenly closed down.
In a statement of claim served to Jakobstettel Properties Inc. on Jan. 22, the mortgage holder, Brunen Holdings Inc. of Kitchener, claimed it is owed almost $350,000 in principal and interest on a mortgage of $655,461 that was registered last June in the Waterloo Region land registry office.
Last month, the Ontario Superior Court of Justice granted Brunen Holdings the authority to issue a writ for possession of the property when it is sold, so that it can be turned over to a new owner.
Bruce Lackenbauer, a Brunen Holdings representative, said the court order basically allows the power-of-sale process to proceed. That process is now underway, but the writ of possession has not been taken out yet, he said.
"We don't want to get into possession until we have to, and the power-of-sale process requires appraisals and that sort of thing, so we are just in the process of that now," he said.
Lackenbauer said the power-of-sale process does not prevent the inn from operating. "We are not in any way preventing it from being open. That is up to the business, which is Jakobstettel Properties Inc.," he said.
The president of Jakobstettel Properties Inc., Daniel P. Reeve, has not returned calls since last week. His lawyer also has not returned calls.
Reeve said in an interview with the Record on April 8 that he was training staff and would reopen the inn on April 21, but couples who have weddings booked at the inn are still in a state of confusion about whether the property will be available to them. As of April 14, there was still no answering machine or voice mail system to pick up calls to the inn.
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