The Village of Cap-Pelé is dropping a lawsuit against a company that purchased a parcel of land from the village for $1 before selling it for a $1.8-million profit.
In a statement to Global News, Village of Cap-Pelé lawyer Catherine Blomquist said a notice of discontinuance was filed with the Court of Queen’s Bench in Moncton on Jan. 9.
READ MORE: N.B. village launches lawsuit after company allegedly turns $1 land sale into $1.8-million profit
Blomquist would not comment past that statement.
A statement of claim indicates that on Nov. 3, 2010, the village sold a piece of land on Acadia Avenue to Gestions CJMPR Holdings Ltée/Ltd. with an agreement that the company would provide a pharmacy and a medical clinic to accommodate three family doctors.
The claim says that if the third-party company, which has since dissolved, was to sell the land, it would need to repay the village the land value at the time of sale.
According to the claim, Gestions CJMPR Holdings Ltée/Ltd. sold the land for $1.875 million in March 2017.
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The village was seeking $87,500, which it said was the value of the land at the time of the first sale.
The reason for the notice of discontinuance being filed is unclear.
— With files from Global News’ Callum Smith
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