At the same time the charge imposed by the Mintal Group (actually Colin Hill again) was satisfied in full. This implies that £3,434,346 was paid to Colin Hill by the new owner to give Martin Rigden clear title to the freehold
However what also seems to have happened is the money spent on the site is now in excess of £11M which seems to be an extraordinary sum considering what has really been spent on it over the years.
Accounts 2019
Expenditure
In 2013 I wrote a blogpost (read it here) which laid out the known expenditure :-
Item
|
Narrative
|
Cost
|
Evidence
|
Lease
|
3X 199 years
|
£550000
|
Dr Sue McGonigal
|
Deposit
|
Refundable to SFP
|
£1000000
|
Dr Sue McGonigal
|
Cliff repairs
|
Contribution
|
£100000
|
TDC & Painter
|
Roadworks and Storm drain
|
KCC Highways
|
£600000
|
Painter to BBC
|
Planning application
|
FRC Frewster
|
£22000
|
TDC
|
Total
|
£2272000
|
Since then (bar maintenance) the only known maintenance on the site is the cost of the site obelisks which according to Cardy weren't paid for from Colin Hill's funds (this amount was in the region of £750K according to the sub-contractor who did the actual work.
Then in 2016 Ramsgate Development Co Ltd bought the freehold for £3M however they didn't actually pay this amount as the deposit of £1M was deducted, the interest on said deposit was deducted as was the cost of the 3x199 year leases @ £550K meaning just under £2M was paid over.
That makes a figure of around £5M and not the £11M that appears in the current accounts.