By Alexis R. Milan
Three documents from the Lands Department have surfaced showing disgraced former Minister Elvin Penner and his parents being leased and sold acres of land for a fraction of the market value.
The documents show land in the Mountain Pine Ridge area and one on Turneffe island being leased and sold to Penner and his parents, Lena and Edward Penner.
According to the document in the former minister’s name, he was leased a 36.17 acre plot of land in the Mountain Pine Ridge area in 2012, valid until June 2019. The annual rent on the 36 acres was set at $108.50.
The purchase price for the 36-acre plot was set at $9,404.20, far below the market value.
According to real estate experts, the market value of an acre in the Pine Ridge area can be valued anywhere from $5,000-$10,000. At the very least, such a plot should have been sold for $100,000.
GOB, of course, reserves the right to subsidize any plot of land. However, the client in question and undervalued price has caused many to question the transaction.
Of note is that the dates on each document have been blocked out with a marker.
The other 37.60-acre plot of land in the Pine Ridge area, leased to Penner’s mother for $113.40 annually from 2014 to January 2021 is priced at $9,776.
Another document, shows a 10-acre plot of land on Turneffe Island leased to Penner’s father for $1,000 annually from 2014 to January 2021. The purchase price for that plot of land is set at $26,000.
According to that document, the original purchase price for the 10 acres was set at $65,000 but was reduced by $39,000 on October 26th; one week ago.
According to the documents where Penner’s parents name appear, those plots have already been purchased as indicated by the description on each document reading, “Rent cleared due to purchase.”