Renaissance Towers Sold in Auction, Ending Receivership

After several years in receivership, the Renaissance Towers complex on Newtown Barracks in the city was sold via public auction on Wednesday. News Five has been informed that the property is now owned by a group of investors including brothers Emil and Daniel Arguelles for four-point-seven-five million dollars.  The Towers was owned by businessman Luke Espat, who resided in its penthouse suite, until he ran into financial trouble with the banks between 2010 and 2012.  The sale includes some twenty-five apartments and excludes the privately owned penthouse suite and one or two apartments also in private hands.  There have been notable tenants at the complex, including Music Ambassador Shyne Barrow, who took up residence there when he first touched down in Belize in 2009 after being deported from the United States. However, when he went to live overseas for a period, he lapsed in payments under his lease agreement and wound up being kicked out and sued in court.