Top Spanish singer-songwriter Alejandro Sanz who has split up with his girlfriend and changed record labels has now had fresh turmoil after being ordered to pay USD 3 million for a failed property deal.
Madrid-born Alejandro has won 22 Latin Grammy awards and four Grammy awards and was the first Spanish artist to record an MTV unplugged album. His single “La Tortura” with Shakira was number one in several countries.
But he has been plunged into turmoil following all the latest troubles writing to fans online: “I’m not well, sometimes I don’t even want to be here. I don’t know if this helps, but I want to say it. I’m sad and tired”.
The latest court ruling is unlikely to make things better after the case in Miami over properties that he purchased but stopped paying the loan.
The properties were then sold but the price failed to cover the amount borrowed, and he was ordered to pay the difference in a ruling.
The counter sued claiming that the properties were sold below the market value.
However, the court refused to accept this, and he now has to pay USD 3 million (GBP 2.8 million).
This comes at the same time as his split from his partner of three years Rachel Valdes, 33, who moved out of their shared home in Somosaguas, one of the most exclusive residential areas in Spain.
Alejandro, 53, has received messages of support from fans and he told them he plans to deal with the situation, saying: “I deeply regret this situation and take full responsibility for my actions.”
Alejandro’s non-payment of two luxurious properties for which he paid some seven million dollars included an old colonial-style house built in 1933 with more than 3,000 square metres, six bedrooms, five bathrooms, recording studio, heated pool and private dock.
The Total Bank of Florida gave the artist several loans. The credits were granted to his Spanish company Gazul Producciones , SLU, and to Music on Wheels, LLC, the latter based in the US and which is part of the singer’s business network.
As collateral for the loans, Sanz put up another company of his established in America, Alja Productions, LLC, as well as a farm in Miami.
The problem began when the Spanish musician stopped paying the loans that had been granted to him and that the financial institution had assigned to an American investment fund called SHEDDF2.
After some initial attempts to negotiate with Sanz to reach a solution, this fund decided in November 2019 to launch a foreclosure process to seize the properties and put them up for sale.
In this legal proceeding, which took place in Miami, the singer’s companies did not even answer the lawsuit. Hence, they were declared in absentia by the Miami-Dade County Court.
It seemed initially as if things would be resolved by the sale of the properties, but the singer wanted too much money for them, around double what he paid, resulting in more legal battles.
In the end, when the properties were finally sold, the debt he had was almost USD 12 million, but the sale reached only just over USD 9 million. He has now been ordered to pay the difference.
It is understood that the Miami court is now requesting that the judgement be validated in Spain to gain access to the singer’s assets, including trademarks and property.