The Court ordered the Receiver on June 14, 2023 to: (1) send the first round of redress payments to eligible consumers; (2) commence the process to market and sell the Belizean land; and (3) survey eligible consumers to determine their individual lot election choices to accommodate buy outs from the Receivership Estate where possible.
The Claim Application process in this matter was completed on February 9, 2023. You are an eligible consumer if you completed a Claim Application and the Receiver notified you by email that you are eligible. You can log in to the Claim Application Portal using the green link above to view your Claim Application Determination Notice, which tells you if you are eligible and, if so, your Amount Paid and Lot Purchase terms for each lot.
On August 16, 2023, the Receiver mailed the first round of redress checks to eligible Sanctuary Belize consumers. The Receiver did not send checks to Kanantik consumers at that time because no cash funds were available from the sale of Kanantik assets to support redress payments. On May 13, 2025, the Court granted the Receiver’s motion for approval of the sale of Sanctuary Belize and Kanantik to First Belize Investment Market Ltd. (“FBIM”), and on June 26, 2025 the closing of the sale was completed. After all remaining financial, legal and administrative obligations for the Receivership entities have been satisfied in the coming months, the Receiver anticipates seeking an Order from the Court approving the distribution of additional pro rata redress payments to eligible Sanctuary Belize and Kanantik consumers.
The Receivership Team will continue to keep consumers apprised of relevant developments through this website. Please check back here periodically for updates.
After the entry of the Court’s June 14, 2023 Order, the Receiver took steps to market the Sanctuary Belize and Kanantik land. The Court authorized the Receiver to market the Belize assets for sale through a Request for Information (“RFI”) process followed by a Request for Proposals (“RFP”) bidding process. With the help of international real estate brokerage firm CBRE, the Receiver completed the RFI process and formally began soliciting offers through the RFP process on May 29, 2024. The RFP offering memorandum may be accessed here.
After considering bids submitted in connection with the RFP process and negotiating terms and conditions in the form of a Purchase Agreement, on January 27, 2025, the Receiver selected FBIM as the qualified bidder to complete the purchase of Sanctuary Belize and Kanantik assets, and filed a recommendation and motion for the Court’s approval of the sale The Receiver’s initial recommendation and motion filings may be accessed here.
After undertaking a required notice and statutory overbidding process, on March 10, 2025 the Receiver submitted a final recommendation to the Court and request for entry of an order approving the sale to FBIM, which may be accessed here. On May 13, 2025, the Court granted the Receiver’s motion and approved the sale to FBIM for a total purchase price of $20,500,000 (subject to certain potential adjustments in the Purchase Agreement). Of this amount, $16,800,000 is related to the purchase of Sanctuary Belize assets, and $3,700,000 is related to the purchase of the Kanantik assets. The Court’s Order approving the sale may be accessed here.
Following the closing of the sale on June 26, 2025, FBIM took over full ownership and control of the Sanctuary Belize and Kanantik assets. The Receivership Team is now working to satisfy remaining financial, legal, and administrative obligations of the Receivership’s Belize companies and winding down operations.
On April 8, 2024, the Receiver sent consumers a Lot Choice Survey by email. By responding to the Survey, consumers made a choice about their future in Sanctuary Belize and Kanantik and what they would like to do with their lot.
The Lot Choice Survey is now closed. The deadline to make lot election choices was July 8, 2024.
Those consumers who elected to buy out available lots prior to the completion of the RFP process and enter into reformed contracts under the requirements of the June 14, 2023 Order and the Lot Choice Survey have completed the required closing process steps to seek to acquire title to their lots in Belize. For interested consumers who chose not to buy out their lots through the Lot Choice Survey, or whose lots were unavailable for transfer, you will now have to wait to see if FBIM, the new owner of Sanctuary and Belize and Kanantik, may offer lots for sale in the future pursuant to terms and conditions that may be acceptable to you.
As provided under the terms of the Court’s May 13, 2025 Order approving the sale of the Sanctuary Belize and Kanantik assets, the Receivership Team has made available to FBIM the names, contact information, Claim Application determinations and other relevant consumer information to help facilitate engagement with those who may have interest in considering a potential future purchase of a lot.
Consumers with questions concerning the Belize developments and/or future potential opportunities to acquire lots are encouraged to contact FBIM through Matt Medoruma at MMedoruma@mainst.biz.