Jamie Teng and his family invested a cumulative total of $400,000 to become limited investors in the Costa Rica real estate project.
He provided me with the following declaration:
Declaration of Jamie Teng
November 22, 2018
I, Jamie Teng, declare as follows:
- I am an individual over the age of eighteen. I make this declaration in support of Michael Santos, based on my own personal knowledge. If called as a witness, I could and would testify competently as to the facts contained below.
- I am part of a family business that has a long-term lease in a property that Michael Santos owns with his wife, Carole Santos. My lease includes an option to purchase the property for $1.25 million in 2023. Our family intends to exercise its option and purchase the property.
- During the course of our business discussions, I learned about Michael’s background story about becoming a real estate investor after his release from 26 years in prison. In the spring of 2018, Michael revealed that he was making new investments overseas.
- We had a family meeting where Michael spoke with our family members about an investment he was making in Costa Rica. From that investment, he expected to receive 100% of the capital back within five years. In total, the developer projected that investors would receive 5.3 times their money back over the course of 20 years.
- Michael said he felt so strongly about the potential for this investment that he was taking measures to raise more capital to invest. He said he was leveraging properties he owned, selling properties, and raising capital from friends who invested with him in the past. He was also bringing both of his sisters into the investment.
- On June 30, 2018, our family members travelled to the developer’s office building, on the fifth floor of the Traveler’s Office Building, at 3333 Michelson Drive, in Irvine, California. We toured the developer’s business operations and had a meeting in a large conference room. Andris Pukke and Brandi Greenfield were present in that meeting and told us about their development plans in Costa Rica, confirming what Michael Santos had told us.
- Since we did not expect to exercise our right to purchase the property we were leasing from Michael Santos until 2023, we agreed as a family to invest a total of $400,000 as Class A Investors.
- In early August of 2018, our family members sent a cumulative total of $400,000 to Newport Land Group for the purpose of becoming Class A investors in Rancho Del Mar, LLC. I am one of the named Class A investors in that entity.
- I offer this full and complete testimonial of my own accord and I authorize Michael to publish the Declaration on his website.