Insurance conglomerate Sagicor Group Jamaica has been selected as the preferred buyer of the incomplete Palmyra condominium complex in Montego Bay, according to two independent sources.

It’s not the first time the receiver for the property and his agents have tapped a buyer for Palmyra a property at the centre of a legal dispute between the developer, Robert Trotta, his bankers and the receiver who first placed the complex on the market four years ago but this time well-placed sources say the sale is expected to go through.

“Yes, it was acquired,” said one senior source, who preferred to remain anonymous in order to respect internal protocol for such disclosures.

Sagicor was tapped as the preferred buyer over other overseas bidders, whose offers indicated the foreign companies were bargain hunting, said another source.

Trotta declined to comment on the transaction last night, saying there have been several reports of a sale over the years, but otherwise noted that he expects his lawsuit, filed in the Supreme Court two years ago and due for a hearing in four months, will resolve the rightful ownership of the property.

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