The Beauperthuy Inheritance: a change of direction

The Beauperthuy case is one of the oldest and most complex in Saint Martin. On 10 June 2025, 164 years after the death of Pierre Beauperthuy, the Basse-Terre Judicial Court authorised the private sale to the Collectivité, or to a legal entity acting in its stead, of 22 plots totalling 1,984,545 m² for €38 million. This decision made it possible to abandon the judicial auction procedure.
In December 2025, the Territorial Council had approved an initial financing plan divided between the Guadeloupean public land agency Terres Caraïbes (13 plots for €13.06 million), the Collectivité, with the support of the Banque des Territoires (6 plots for €18.01 million) and Semsamar (3 plots for €6.92 million).
At the Territorial Council meeting on 10 September, the Collectivité put a new plan to the vote, justifying it on the grounds of the need to retain control over the plots and prevent them from being scattered amongst different owners. Semsamar is therefore withdrawing from the arrangement, and Terres Caraïbes will acquire the entire portfolio on behalf of the Collectivité. Alain Richardson, First Vice-President and CEO of Semsamar, explained this change by citing the pressure exerted by the estate administrator regarding the deadlines for completion and the signing of the deeds…. However, he also indicated that Semsamar might acquire certain plots at a later date, depending on the projects selected.

From €38 million upfront to €56 million over fifteen years

In practical terms, Terres Caraïbes will advance the €38 million, notably by taking out a loan from the Banque des Territoires. The Collectivité will then repay the public land agency over a maximum period of fifteen years. For the executive, this arrangement offers a twofold benefit: it immediately secures public control of this significant land reserve without having to mobilise €38 million in one go, thereby preserving its ability to fund its other public policies. However, according to the provisional repayment schedule, interest and other costs associated with the financing would amount to approximately an additional €18 million, representing nearly 47 per cent of the land’s value. The Chief Executive of Terres Caraïbes explained, however, that annual capital repayments, rather than a lump-sum repayment at the end of the term, could save around €6 million in interest. Under this scenario, the total cost could be reduced to around €51 million, representing an annual repayment of approximately €3.4 million. 
However, this figure is, at this stage, merely a projection: the document submitted to elected representatives does indeed cite an estimate of €56 million, and the final cost has yet to be determined. A land and financial review will be carried out every three years to take into account sums already repaid, the outstanding capital and any land sales. The proceeds from these sales will reduce the amount remaining to be repaid. Furthermore, some plots are already occupied and generate rental income, which will be paid to Terres Caraïbes during the holding period and included in the financial statement for the operation. The agreement itself may still be revised in the coming months.
At the same territorial council meeting, councillors also approved the acquisition by Terres Caraïbes of two plots in Sandy Ground, intended for the cultural centre and car park spaces. The Public Property Office has valued them at €400,500. Including the costs of holding the property for five years, notary fees, insurance, council tax and maintenance, the total estimated cost amounts to €482,542.

Do we know where we’re going? 

This was the question posed by the opposition during the debates. Marie-Dominique Ramphort specifically questioned the executive about the lack of a definitively agreed figure and about certain costs that are still difficult to quantify. She also pointed out that, in addition to the annual repayments, there is the contribution paid to Terres Caraïbes, amounting to around €600,000 per year, bringing the potential annual cost, according to her calculations, to around €4.3 million.
Daniel Gibbs, pointing out that this carry-over is the result of the banks’ refusal to finance the operation, proposed classifying the plots provisionally as agricultural land – and therefore not suitable for building – until the Collectivité is ready to develop them. This proposal was deemed unrealistic by Alain Richardson, particularly as such a decision could be challenged given that a price has already been set by the State Property Office.
For here too, no details have been provided as to what these plots of land in the Baie Orientale area will be used for: social housing, hotels, facilities, public services? Or the protection of natural areas? The CESC, whilst having issued a favourable opinion in principle, also expressed reservations regarding the cost of the scheme.
But when the majority decides, opinions and objections count for little; the tone of the debates at this latest territorial council meeting is proof of this. The resolution was therefore adopted with 13 votes in favour.