SAN DIEGO, CALIFORNIA, Sept. 01, 2022 (GLOBE NEWSWIRE) — International Land Alliance, Inc. (“ILA” or the “Company”), an international land investment and development firm, is providing an update to the previously announced executed Binding Letter of Intent to acquire the remaining 75% interest in Rancho Costa Verde Development, LLC (“RCV”) for $13,500,000 in a new series of the Company’s preferred stock. Based on the successful completion of the acquisition of a 25% minority interest in early 2021, the Company has been able to expedite and complete due diligence and is preparing for a closing. Due to the following assets and year-to-date sales, there is a significant impact on the Company’s balance sheet, P&L, and overall financial statements. This requires additional audits, valuations, and regulatory filings. The Company and RCV have already started preparation and expect to close this transaction by the end of September 2022.
RCV is a profitable developer of a 1,100-acre, 1,400-lot master planned community in Baja California, located roughly 8 km north of the Company’s, Oasis Park Resort, on the Sea of Cortez. For more information about this green off-grid community, we invite you to visit: www.ranchocostaverde.com
To date, RCV has sold over 1,000 residential lots and built 55 single family homes, with 32 under construction. This is in addition to a completed boutique hotel and club house. For the 6 months ending June 30, 2002, RCV generated roughly $2,000,000 in lot sales and started or signed contracts to start construction on another 9 single-family homes at an average cost of $200,000 per home. RCV has also expanded its real estate holdings with one large parcel in escrow that will add 200 acres. This new phase will have gross potential lot sales of approximately $6,000,000 and in excess of $40,000,000 in construction revenue.
Jason Sunstein, ILA CFO, commented: “In addition to the tremendous impact this acquisition will have on our Company from a financial perspective, more importantly is the addition of the RCV team going forward. The RCV team has sold in excess of $500M in real estate in the San Felipe region over the last 20 years. With an incredible track record and a well-established network of real estate agents throughout California, their sales and marketing expertise will be utilized across all of our projects.”
About International Land Alliance, Inc.:
International Land Alliance, Inc. is an international land investment and development firm based in San Diego, California. As its’ core mission, the Company has embraced technology for sustainable and socially responsible solutions, in addition to using proptech and construction tech advanced applications to meet these goals. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company serves its shareholders by devoting considerable time and resources to seeking out the finest sites available and obtaining the necessary development permits to build a compelling portfolio of properties, which provide a diversity of investment and living options. Please visit: www.ila.company.
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International Land Alliance, Inc.
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