Penthouse sold to Corona at reduced price due to water damage

Penthouse sold to Corona at reduced price due to water damage

An official of the Megaworld Properties and Holdings, Inc. testified at the 9th day of Corona’s impeachment trial that the penthouse unit of impeached Chief Justice Renato C. Corona was sold in 2008 at a reduced price due to water damage brought about by a typhoon.

Nilo Hernandez, senior vice president for marketing and sales of Megaworld, said the original price of P24 million was reduced to P14.5 million as the property at the posh Bellagio condominium was considered already damaged.

Because of the damage, Megaworld decided to reduce the original P24 million sale price to P19.6 million. As the calendar year 2008 was about to end, the price of the penthouse was further cut to P14.5 million.

Hernandez clarified that Megaworld didn’t gave a discounted price to the Chief Justice in order to get favorable rulings on its pending cases at the High Tribunal.

He added that Megaworld had in fact already lost its two cases before the High Tribunal, involving P21.7 million and P26 million, respectively.

Sen. Manuel Villar tried to explain to his fellow senator-judges that developers could reduce their prices depending on market forces and other factors.

Villar is a billionaire-real estate developer.

Hernandez took the witness stand for the prosecution.