California Department of Corporations Halts Sales of Investment in Senior Triplexes; In Splashy National and State Ads, Tropical Village Promises 29% to 35% Returns on Investment.

SACRAMENTO, Calif. -- The California Department of Corporations announced today that it has ordered Tropical Village, Inc. of Orlando, Florida to stop offering and selling unqualified securities in California for senior triplexes. The company's president and owner, Patrick B. Kirkland, along with the company's sales executive, Heather Showalter, were named in the Desist and Refrain order for violating California securities laws.

A full page advertisement in the October issue of Money magazine touted returns of 29 percent while a recent ad in The Los Angeles Times claimed returns of 35 percent from purchase and rental of "New Investment Senior Triplexes" located in three locations: Pelican Bay Club in Palm Bay, Florida, Summerhill in Atlanta, Georgia, and Sunset Bay Club in New Port Richey, Florida. The company maintains a Web site at www.tropicalvillage.com.

Prospective investors were told that the purchase price of each senior triplex was $733,000 in Florida and Georgia, and $795,000 in Texas. Interested investors in the Pelican Bay Club were promised that for just 10 percent, or $73,300, they could purchase a senior triplex that would be managed and rented for them by a professional management company. Owners were not required to be involved in the day-to-day operations of the triplex since Tropical Village would be responsible for advertising, showing potential residents the available bedrooms, and soliciting contractors to repair and maintain the interiors, exteriors, and grounds.

The Department of Corporations is California's Investment and Financing Authority. The Department is responsible for the regulation, enforcement and licensing of securities, franchises, off-exchange commodities, investment and financial services, independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, please visit the Department's web site at www.corp.ca.gov or call 1-866-ASK-CORP (1-866-275-2677).