A Houston jury said a financing company is guilty after it cheated investors planning to build over the old AstroWorld

In this Thursday Feb. 9, 2012 photo apartment blocks are seen in Sesena in the Toledo Provence near Madrid. Only a 45-minute drive from downtown Madrid, towering vacant apartment blocks loom over empty streets and weed-filled lots. Apartments galore are for sale and rent, and prices are plunging. More than 13,000 apartments were supposed to go up here to create a mini-city for 30,000 people. But only 5,100 were built, many are uninhabited and most commercial storefronts in the mega-development are bricked shut. Spain's phenomenal real estate crash and economic implosion has turned what was supposed to become a vibrant suburban paradise for young Spanish couples and their children into one of the most visible monuments of the country's real estate boom gone bust. (AP Photo/Paul White)

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This week, a Houston jury returned a unanimously guilty verdict for a case investigating a scheme that allegedly cheated $25 million out of investors, who were planning a residential project on the hallowed grounds of what once was AstroWorld.

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A group of investors named B Choice hoped to cash in on the high-density residential deal to be located on 104 acres where the infamous Houston theme park once stood.

According to the Houston Chronicle, the jury found Epicentre guilty of taking $25 million from B Choice, using it to buy about 11 acres, running the money through a series of mortgages – as an alleged laundering technique, then pocketed the leftovers.”

According to the original petition filed in July 2014, Epicentre Development Associates, LLC, went as far as soliciting investments to develop the project.

The jury also opted to award $35 million in punitive damages to B Choice, a type of damages meant to punish and incentivize parties from committing the same illegal acts.

RELATED: A film student documented the history of Houston’s AstroWorld and you’ll want to take this roller coaster trip down memory lane

 

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