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No Truth to Rumors of Yacht Haven Bankruptcy

June 19, 2007 — Not only is Yacht Haven Grande not going under, it's expanding, company officials said Tuesday.
There is "absolutely no truth" to rumors circulating on St. Thomas that the mega yacht harbor or its parent company — Fort Lauderdale-based Island Global Yachting — would declare bankruptcy, said Elie Finegold, Yacht Haven principal.
"I am puzzled about how this got started," Finegold said.
A check of Southern Florida Bankruptcy Court records did not list either company, nor Andrew Farkas, CEO of Island Global Yachting.
“Already, 2007 has truly been an unprecedented year for IGY,” Farkas said in a news release issued Tuesday.
Yacht Haven's first phase of construction is nearly complete, according to a written release from the company, and construction of more marina buildings and an additional 25 slips is expected to start in August.
Three of the compounds' four restaurants have opened and the hotels aren't far behind. The company expects to break ground on the smaller, boutique hotel next year.
Some 85 percent of retail space is leased with tenants such as Bulgari, Louis Vuitton, Jewels, Diamonds International and Coach.
Company owners are beaming about the marina's early retail success. "When the topic of shopping in St. Thomas comes up, Yacht Haven Grande leads the way,” said Alex Andrade, the general manager.
The company plans to spend $500,000 on signs to promote the site to "make the property and its retailers much more visible from the land and the sea." Company owners also say they've sold 60 percent of their condominium units.
Island Global Yachting as a whole appears to be having a bang-up 2007.
"Since January, we have announced the acquisition of five new marinas and mega projects, including American Yacht Harbor in St. Thomas and the Montauk Yacht Club in Long Island, as well as the grand opening of our signature Yacht Haven Grande in St. Thomas," Farkas said.
The company is developing projects in the United States, the Caribbean, Mexico, Europe and the Middle East.
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