Lenders holding the $180 million mortgage on U.S. entertainment mogul Robert Sillerman's luxury resort on the Caribbean island of Anguilla have taken over the half-built project and appointed a receiver to manage it.
Construction of Mr. Sillerman's Temenos resort, which was to include a 32-room hotel and 78 for-sale villas, was suspended in 2008 when the project ran out of financing amid cost overruns. The project's developer, Flag Luxury Properties LLC, has since searched unsuccessfully for lenders or buyers willing to contribute an additional $125 million to complete the resort.
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