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Bank Seizes Monte Palace Gardens

The Monte Palace Tropical Garden, owned by Madeiran businessman Joe Berardo, has been seized by courts as part of an injunction filed by bank Caixa Geral de Depósitos.

According to Eco, the seizure was undertaken by Abreu Advogados who have now secured the 70,000 square metre property. Joe Barado donated Monte Palace Tropical Garden to the Berardo Foundation in 1988.  He is thought to owe nearly one billion euros to banks; Novo Banco, Millenium BCP and Caixa Geral de Depósitos.

Samantha Gannon

info at madeira-weekly.com

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