S&P South Padre Island, LLC, a series of assets of S&P Foreign Assets, LLC (as named in the deed) purchased Unit 202 in the South Tower of Los Corales Condominiums at 8500 Padre Boulevard in South Padre Island, Texas on July 12, 2010. The full purchase price was not disclosed on the deed and the company borrowed $490,000 against the condo on the same day. Sergio R. Arguelles Gonzalez and Patricia Montemayor de Arguelles signed the deed of trust for the loan as co-trustees of The S&P Arguelles – Montemayor Trust, which is the manager of S&P South Padre Island, LLC.
The condo was valued at $666,150 for 2018 tax purposes.
ChedrauiLeaks profiled a multimillion dollar Vail condo linked to S&P Foreign Assets, LLC in a previous post.
S&P South Padre Island transferred title to the condo to another entity in 2016 which will be the subject of a future post.
Sergio R. Argüelles González is a prominent businessman who has served as the Chairman and CEO of FINSA since 2001. FINSA is one of the largest industrial real estate development companies in Latin America, with 25 million square feet leased and under management.
ChedrauiLeaks.org has noticed that the media in Mexico contains very little information about the business dealings and personal assets in the United States of what could be termed Mexican elites, wealthy business people and politicians. ChedrauiLeaks is not stating that members of the Chedraui family or its businesses had any involvement with the above companies or this condo unit.